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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
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 >
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 >
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
steps

Unlock instant AI solutions

Tap the button
to generate a solution

Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education