Problem 14-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 14-2 Fanning Pointers Corporation expects to begin operations on January 1, Year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Fanning expects sales in January Year 1 to total $280,000 and to increase 15 percent per month in February and March. All sales are on account. Fanning expects to collect 69 percent of accounts receivable in the month of sale, 21 percent in the month following the sale, and 10 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 Fanning 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. Prepare a sales budget for the first quarter of year 1 . Problem 14-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 14-2 Fanning Pointers Corporation expects to begin operations on January 1, Year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Fanning expects sales in January Year 1 to total $280,000 and to increase 15 percent per month in February and March. All sales are on account. Fanning expects to collect 69 percent of accounts receivable in the month of sale, 21 percent in the month following the sale, and 10 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 Fanning 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. Determine the amount of sales revenue Fanning will report on the year 1 first quarterly pro forma income statement. Problem 14-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 142 Fanning Pointers Corporation expects to begin operations on January 1, Year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Fanning expects sales in January Year 1 to total $280,000 and to increase 15 percent per month in February and March. All sales are on account. Fanning expects to collect 69 percent of accounts recelvable in the month of sale, 21 percent in the month following the sale, and 10 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 Fanning 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 recelvable as of March 31, Year 1. Complete this question by entering your answers in the tabs below. 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.) Problem 14-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 14-2 Fanning Pointers Corporation expects to begin operations on January 1, Year 1; it will operate as a specialty sales company that sell: laser pointers over the Internet. Fanning expects sales in January Year 1 to total $280,000 and to increase 15 percent per month in February and March. All sales are on account. Fanning expects to collect 69 percent of accounts receivable in the month of sale, 21 percent in the month following the sale, and 10 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 Fanning 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 recelvable as of March 31, Year 1. Complete this question by entering your answers in the tabs below. 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.)
