Problem 7-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 7-2 Thornton Pointers Corporation expects to begin operations on January 1, year 1, it will operate as a specialty sales company thot sells laser pointers over the internet. Thornton expects sales in Janvary year 1 to total $400,000 and to increase 20 percent per month in February and March. All sales are on account. Thornton expects to collect 66 percent of accounts receivable in the month of sole, 24 percent in the month following the sale, and 10 percent in the second month following the sale. Required a. Prepare a soles budget for the first quarter of year 1 b. Determine the amount of sales revenue Thornton 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. Prepere a sales budget for the first quarter of year 1