Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Finch Pointers Corporation expects to begin operations on January 1, 2019; it will operate as a specialty sales company that sells laser pointers over the

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Finch Pointers Corporation expects to begin operations on January 1, 2019; it will operate as a specialty sales company that sells laser pointers over the Internet. Finch expects sales in January 2019 to total $350,000 and to increase 15 percent per month in February and March. All sales are on account. Finch expects to collect 68 percent of accounts receivable in the month of sale, 23 percent in the month following the sale, and 9 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of 2019. b. Determine the amount of sales revenue Finch will report on the first 2019 quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of 2019. d. Determine the amount of accounts receivable as of March 31, 2019. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare a sales budget for the first quarter of 2019. January February March Sales Budget Sales on account Required a. Prepare a sales budget for the first quarter of 2019. b. Determine the amount of sales revenue Finch will report on the first 2019 quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of 2019. d. Determine the amount of accounts receivable as of March 31, 2019 Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of sales revenue Finch will report on the first 2019 quarterly pro forma income statement. Sales revenue Required a. Prepare a sales budget for the first quarter of 2019. b. Determine the amount of sales revenue Finch will report on the first 2019 quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of 2019. d. Determine the amount of accounts receivable as of March 31, 2019. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare a cash receipts schedule for the first quarter of 2019. (Do not round intermediate calculations. Round final answers to whole dollars.) January February March Schedule of Cash Receipts Receipts from January sales Receipts from February sales Receipts from March sales Total Required a. Prepare a sales budget for the first quarter of 2019. b. Determine the amount of sales revenue Finch will report on the first 2019 quarterly pro forma income statement c. Prepare a cash receipts schedule for the first quarter of 2019. d. Determine the amount of accounts receivable as of March 31, 2019. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Determine the amount of accounts receivable as of March 31, 2019. (Do not round intermediate calculations. Round final answers to whole dollars.) Accounts receivable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Managerial Accounting Concepts

Authors: Edmonds, Tsay, olds

6th Edition

978-0078110894

Students also viewed these Accounting questions