Problem 14-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 14-2 Vernon 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. Vernon expects sales in January Year 1 to total $400,000 and to increase 15 percent per month in February and March. All sales are on account. Vernon expects to collect 66 percent of accounts receivable in the month of sale, 24 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 Vernon 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. January February March Total Sales on account Required A Required B Required C Required D Determine the amount of sales revenue Vernon will report on the year 1 first quarterly pro forma income statement. Sales revenue 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.) January February March Schedule of Cash Receipts Receipts from January sales Receipts from February sales Receipts from March sales Total 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