Problem 14-17A (Static) Preparing a sales budget and schedule of cash receipts LO 14-2 Spalding 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. Spalding expects sales in January year 1 to total $120,000 and to increase 5 percent per month in February and March. All sales are on account. Spalding expects to collect 70 percent of accounts receivable in the month of sale, 20 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 Spalding 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 Total Sales on account Required B > Required A March Problem 14-17A (Static) Preparing a sales budget and schedule of cash receipts LO 14-2 Spalding Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that se laser pointers over the Internet. Spalding expects sales in January year 1 to total $120,000 and to increase 5 percent per month in February and March. All sales are on account. Spalding expects to collect 70 percent of accounts receivable in the month of sale, 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 Spalding 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 Spalding will report on the year 1 first quarterly pro forma income statement. Sales revenue Problem 14-17A (Static) Preparing a sales budget and schedule of cash receipts LO 14-2 Spalding Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that = laser pointers over the Internet. Spalding expects sales in January year 1 to total $120,000 and to increase 5 percent per month is February and March. All sales are on account. Spalding expects to collect 70 percent of accounts receivable in the month of sale 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 Spalding 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. Schedule of Cash Receipts January February March Receipts from January sales Receipts from February sales Receipts from March sales Total Required D >
