Walton 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 Walton expects sales in January year 1 to total $260,000 and to Increase 15 percent per month in February and March All sales are on account. Walton expects to collect 67 percen of accounts receivable in the month of sale, 21 percent in the month following the sale, and 12 percent in the second month following the sole Required a. Prepare a sales budget for the first quarter of year 1 b. Determine the amount of sales revenue Walton 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, your 1 Complete this question by entering your answers In Use tabs below. Required A Required B Required C Required D Prepare a cash receipts schedule for the first quarter of year (out road intermediate calculations, Round your final answers to the nearest whole dollar) Schedule of Cash Receipts Receipts from January sales Receipts from February sales Receipts from March sales Total January February March
Walton 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 Walton expects sales in January year 1 to total $260,000 and to Increase 15 percent per month in February and March All sales are on account. Walton expects to collect 67 percen of accounts receivable in the month of sale, 21 percent in the month following the sale, and 12 percent in the second month following the sole Required a. Prepare a sales budget for the first quarter of year 1 b. Determine the amount of sales revenue Walton 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, your 1 Complete this question by entering your answers In Use tabs below. Required A Required B Required C Required D Prepare a cash receipts schedule for the first quarter of year (out road intermediate calculations, Round your final answers to the nearest whole dollar) Schedule of Cash Receipts Receipts from January sales Receipts from February sales Receipts from March sales Total January February March
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Walton 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 Walton expects sales in January year 1 to total $260,000 and to Increase 15 percent per month in
February and March All sales are on account. Walton expects to collect 67 percen of accounts receivable in the month of sale, 21
percent in the month following the sale, and 12 percent in the second month following the sole
Required
a. Prepare a sales budget for the first quarter of year 1
b. Determine the amount of sales revenue Walton 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, your 1
Complete this question by entering your answers In Use tabs below.
Required A
Required B Required C
Required D
Prepare a cash receipts schedule for the first quarter of year (out road intermediate calculations, Round your final
answers to the nearest whole dollar)
Schedule of Cash Receipts
Receipts from January sales
Receipts from February sales
Receipts from March sales
Total
January
February
March
<Required B
Required D >
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