Determine the amount of accounts receivable as of march 31

Reference no: EM13589844

McCarty Pointers Corporation expects to begin operations on January 1, 2012; it will operate as a specialty sales company that sells laser pointers over the Internet. McCarty expects sales in January 2012 to total $390,000 and to increase 15 percent per month in February and March. All sales are on account. McCarty expects to collect 69 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 11 percent in the second month following the sale.

Required:

a.	Prepare a sales budget for the first quarter of 2012. (Do not round intermediate calculations. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)

Sales Budget	January	February	March
Sales on account	$	$	$

b.	Determine the amount of sales revenue McCarty will report on the first 2012 quarterly pro forma income statement. (Round your intermediate calculations and final answer to the nearest dollar amount.Omit the "$" sign in your response.)

Sales revenue

c.	Prepare a cash receipts schedule for the first quarter of 2012.(Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations. Round your answers to the nearest dollar amount. Omit the "$" sign in your response.)

Schedule of Cash Receipts	January	February	March
Receipts from January sales	$	$	$
Receipts from February sales
Receipts from March sales

Total	$	$	$

d.	Determine the amount of accounts receivable as of March 31, 2012. (Round your intermediate calculations and final answer to the nearest dollar amount. Omit the "$" sign in your response.)

Reference no: EM13589844

Questions Cloud

What are examples of irregular items how does a change in : what are examples of irregular items? how does a change in accounting principles affect the financial statements? who

Assuming the diver took a deep breath 60l in her lungs at : question at 10 ft. the total pressure on the diver will be 1.3 atm. assuming the diver took a deep breath 6.0l in her

Explain state and federal laws rules and regulations as : complete the benchmark assessment according to the instructions and criteria in spe-350 special education litigation

A football is inflated to a pressure of 100 x 103 torr in a : question a football is inflated to a pressure of 1.00 x 103 torr in a room at 25 degrees c. if the game is played at 10

Determine the amount of accounts receivable as of march 31 : mccarty pointers corporation expects to begin operations on january 1 2012 it will operate as a specialty sales company

Jerry forgot to record the actual molar concentration of : question jerry forgot to record the actual molar concentration of the standard hcl solution which was actually 0.044m

Assume ngs sold the hydrotherapy tub system for 2100 at the : nicoles getaway spa ngs purchased a hydrotherapy tub system to add to the wellness programs at ngs. the machine was

For the most recent year available the mean annual cost to : for the most recent year available the mean annual cost to attend a private university in the united states was 20082.

Historically warranty expenditures have been equal to 4 of : historically warranty expenditures have been equal to 4 of sales. total sales for the year were 650000. actual warranty

User Account

All Pages