Rundle 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. Rundle expects sales in January year 1 to total $330,000 and to increase 10 percent per month in February and March. All sales are on account. Rundle expects to collect 68 percent of accounts receivable in the month of sale, 23 percent in the month following the sale, and 9 percent in the second month following the sale.
Required
a. Prepare a sales budget for the first quarter of year 1 .
b. Determine the amount of sales revenue Rundle will report on the year 1 first quarterly pro forma income statement.
c. Prepare a cash receipts schedule for the first quarter of year 1.
d. Determine the amount of accounts receivable as of March 31, year 1.
Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
Required A
Required B
Prepare a sales budget for the first quarter of year 1.
able[[Sales Budget,,January,February,March],[Sales on account,$,330,000vv,$363,000vv,399,300]]
Sales on account Sales Budget Required A C. Required B Required 330,000 January Prepare a sales budget for the first quarter of year 1. February Required C Complete this question by entering your answers in the tabs below. d.Determine the amount of accounts receivable as of March 31,year 1. Prepare a cash receipts schedule for the first quarter of year 1. a.Prepare a sales budget for the first quarter of year 1. 363,000$ 399,300 March Required D Answer is complete but not entirely correct. b. Determine the amount of sales revenue Rundle will report on the year 1 first quarterly pro forma income statement. percent in the month following the sale, and 9 percent in the second month following the sale. laser pointers over the Internet. Rundle expects sales in January year 1 to total $330,000 and to increase 10 percent per month in Rundle Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells