Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Munoz Pointers Corporation expects to begin operations on January 1, year t; it will operate as a specialty sales company that sells laser pointers over the Internet. Munoz expects sales in January year 1 to total $240,000 and to increase 10 percent per month in February and March. All sales are on account. Munoz expects to collect 65 percent of accounts receivable in the month of sale, 21 percent in the month following the sale, and 14 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue Munoz will report on the year 1 first quarterly pro forma income statement. C. Prepare a cash receipts schedule for the first quarter of year 1. d. Determine the amount of accounts receivable as of March 31, year 1. 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 year 1. Sales Budget January February Sales on account March Required Required B > Munoz Pointers Corporation expects to begin operations on January 1 year t: it will operate as a specialty sales company that sells laser pointers over the Internet. Munoz expects sales in January year 1 to total $240,000 and to increase 10 percent per month in February and March All sales are on account. Munoz expects to collect 65 percent of accounts receivable in the month of sale, 21 percent in the month following the sale, and 14 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue Munoz will report on the year 1 first quarterly pro forma income statement c. Prepare a cash receipts schedule for the first quarter of year 1. d. Determine the amount of accounts receivable as of March 31. year 1. 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 Munoz will report on the year 1 first quarterly pro forma Income statement. Sales revenue Munoz Pointers Corporation expects to begin operations on January 1, year t; it will operate as a specialty sales company that sells laser pointers over the Internet. Munoz expects sales in January year 1 to total $240.000 and to increase 10 percent per month in February and March. All sales are on account, Munoz expects to collect 65 percent of accounts receivable in the month of sale, 21 percent in the month following the sale, and 14 percent in the second month following the sale Required a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue Munoz will report on the year 1 first quarterly pro forma income statement c. Prepare a cash receipts schedule for the first quarter of year 1. d. Determine the amount of accounts receivable as of March 31, year 1. 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 year 1. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Schedule of Cash Receipts January February March Receipts from January sales Receipts from February sales Receipts from March sales Total $ OS 0 $ Munoz Pointers Corporation expects to begin operations on January 1 year t; it will operate as a specialty sales company that sells laser pointers over the Internet. Munoz expects sales in January year 1 to total $240,000 and to increase 10 percent per month in February and March. All sales are on account. Munoz expects to collect 65 percent of accounts receivable in the month of sale, 21 percent in the month following the sale, and 14 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of year 1. b. Determine the amount of sales revenue Munoz will report on the year 1first quarterly pro forma Income statement. c. Prepare a cash receipts schedule for the first quarter of year 1. d. Determine the amount of accounts receivable as of March 31. year 1. 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, year 1. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Accounts receivable

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

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

International Fraud Handbook

Authors: Joseph T. Wells

1st Edition

1118728505, 9781118728505

More Books

Students also viewed these Accounting questions