2 Sutton Pointers Corporation expects to begin operations on January 1, 2015: it will operate...
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2 Sutton Pointers Corporation expects to begin operations on January 1, 2015: it will operate as a specialty sales company that sells laser pointers over the Internet Sutton expects sales in January 2015 to total $240,000 and to increase 15 percent per month in February and March. All sales are on account Sutton 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. 164 points eBook Required a. Prepare a sales budget for the first quarter of 2015 References Sales Budget Sales on account January February March b. Determine the amount of sales revenue Sutton will report on the first 2015 quarterly pro forma income statement 2 b. Determine the amount of sales revenue Sutton will report on the first 2015 quarterly pro forma income statement. Sales revenue 1.64 points eBook References c. Prepare a cash receipts schedule for the first quarter of 2015 (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) January February March Schedule of Cash Receipts Receipts from January salos Receipts from February sales Receipts from March salos Total
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