Thornton 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. Thornton expects sales in January Year 1 to total $220,000 and to increase 15 percent per month in February and March. All sales are on account. Thornton expects to collect 68 percent of accounts receivable in the month of sale, 21 percent in the month following the sale, and 11 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 Thornton 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.