McCarty Pointers Corporation expects to begin operations on January 1, 2012; it will operate as a specialty sales company that sells laser pointers over the Internet. McCarty expects sales in January 2012 to total $390,000 and to increase 15 percent per month in February and March. All sales are on account. McCarty expects to collect 69 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 11 percent in the second month following the sale.
| a. |
Prepare a sales budget for the first quarter of 2012. (Do not round intermediate calculations. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.) |
| Sales Budget |
January |
February |
March |
| Sales on account |
$ |
$ |
$ |
|
| b. |
Determine the amount of sales revenue McCarty will report on the first 2012 quarterly pro forma income statement. (Round your intermediate calculations and final answer to the nearest dollar amount.Omit the "$" sign in your response.)
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| c. |
Prepare a cash receipts schedule for the first quarter of 2012.(Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)
|
| Schedule of Cash Receipts |
January |
February |
March |
| Receipts from January sales |
$ |
$ |
$ |
| Receipts from February sales |
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|
|
| Receipts from March sales |
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|
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|
|
| Total |
$ |
$ |
$ |
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| d. |
Determine the amount of accounts receivable as of March 31, 2012. (Round your intermediate calculations and final answer to the nearest dollar amount. Omit the "$" sign in your response.)
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