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Vernon Pointers Corporation expects to begin operations on January 1, 2019; it will operate as a specialty sales company that sells laser pointers over the Internet. Vernon expects sales in January 2019 to total $210,000 and to increase 15 percent per month in February and March. All sales are on account. Vernon expects to collect 70 percent of accounts receivable in the month of sale, 25 percent in the month following the sale, and 5 percent in the second month following the sale. Required a. Prepare a sales budget for the first quarter of 2019. b. Determine the amount of sales revenue Vernon will report on the first 2019 quarterly pro forma income statement. c. Prepare a cash receipts schedule for the first quarter of 2019. d. Determine the amount of accounts receivable as of March 31, 2019. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Prepare a sales budget for the first quarter of 2019. Sales Budget Sales on account January 210,000 February $ 241,500 March 277,725 $ $ Required A Required B Required C Required D Determine the amount of sales revenue Vernon will report on the first 2019 quarterly pro forma inc Sales revenue S 729,225 Required A Required B Required C Required D Prepare a cash receipts schedule for the first quarter of 2019. (Do not round interme whole dollars.) January February March Schedule of Cash Receipts Receipts from January sales Receipts from February sales Receipts from March sales Total 0 Required A Required B Required C Required D Determine the amount of accounts receivable as of March 31, 2019. (Do not round intermediate cal answers to whole dollars.) Accounts receivable Required C Required D >

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