Rooney 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. Rooney expects sales in January year $1$ to total $$290,000$ and to increase $15$ percent per month in February and March. All sales are on account. Rooney expects to collect $65$ percent of accounts receivable in the month of sale, $23$ percent in the month following the sale, and $12$ percent in the second month following the sale.

Required

Prepare a sales budget for the first quarter of year $1.$

Determine the amount of sales revenue Rooney will report on the year $1$ first quarterly pro forma income statement.

Prepare a cash receipts schedule for the first quarter of year $1.$

Determine the amount of accounts receivable as of March $31,$ year $1.$