Homework Answers
| a. | |||
| Sales budget | January | February | March |
|
Sales on account |
340000 |
391000 [ 340000 * ( 1 + 15% ) ] |
449650 [ 391000 * ( 1 + 15% ) ] |
| b. | |
| Sales revenue on the year 1 first quarterly pro forma income statement = 340000 + 391000 + 449650 | 1180650 |
| c. | |||
| Schedule of cash receipts | January | February | March |
|
Receipts from January sales |
221000 [ 340000 * 65% ] |
74800 [ 340000 * 22% ] |
44200 [ 340000 * 13% ] |
|
Receipts from February sales |
254150 [ 391000 * 65% ] |
86020 [ 391000 * 22% ] |
|
|
Receipts from March sales |
292273 [ 449650 * 65% ] |
| d. | |
| Accounts receivables as of March 31, Year 1 = ( February sales * 13% ) + ( March sales * 35% ) = ( 391000 - 13% ) + ( 449650 * 35% ) | 548377 |
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Walton Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales comp...
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Benson 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. Benson 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. Benson expects to collect 69 percent of accounts receivable in the month of sale, 22 percent in the month following the sale, and 9 percent in the...
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Adams Pointers Corporation expects to begin operations on January 1, 2019 ; it will operate as...
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Sutton Pointers Corporation expects to begin operations on January 1, 2015; it will operate as a...
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