Reference: Survey of Accounting 6th edition Book

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Problem 14-17A (Algo) Preparing a sales budget and schedule of cash receipts LO 14-2 Gibson 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. Gibson expects sales in Janua Year 1 to total $310,000 and to increase 15 percent per month in February and March. All sales are on account. Gibson expects to collect 70 percent of accounts receivable in the month of sale, 21 percent in the month following the sale, and 9 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 Gibson 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 $ 217,000 65, 100 $ 27,900 Receipts from February sales 249,550 74.865 Receipts from March sales Total $ 217,000 $ 314,650 $ 102,765 References Worksheet Difficulty: 2 Medium Problem 14-17A (Algo) Learning Objective: 14-02 Prepare a sales Preparing a sales budget and budget and related schedule of cash schedule of cash receipts LO receipts. 14-2