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File Edit View History Tools Window Help correct .Q Search dule 14 Homework Help Save& Exit Subm Check my Jordan Pointers Corporation expects to begin operations on Ja laser pointers over the Internet. Jordan expects sales in January February and March. All sales percent in the month following the sale, and 13 percent in the second month following the sale. nuary 1, 2019, it will operate as a specialty sales company that sells 2019 to total $270,000 and to increase 15 percent per month in are on account. Jordan expects to collect 66 percent of accounts receivable in the month of sale, 21 Required a. Prepare a sales budget for the first quarter of 2019. b. Determine the amount of sales revenue Jordan will re c. Prepare a cash receipts schedule for the first quarter of 2019 port on the first 2019 anerly pro forma income statement 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 CRequired D Determine the amount of accounts receivable as of March 31, 2019. (Do not round intermediate calculations. Round final answers to whole dollars.) 10, 4H? Next >

Explanation / Answer

1. Prepartion of Sales Budget Particular Jan Feb Mar Quarter -1 Total Sales Unit            270,000            310,500            357,075                937,575 3.. Schedule of Expected Cash Receipt in First Quarter of 2019 Particular Jan Feb Mar Quarter-1 Total Payment Received For Jan Sales $178,200 $56,700 $35,100 $270,000 Payment Received For Feb Sales $204,930 $65,205 $270,135 Payment Received For Mar Sales $235,670 $235,670 Total Cash Received $178,200 $261,630 $335,975 $775,805 2. Computation of Amount of Sales revenue Report for Quarter-1 Month Amount January $270,000 February $310,500 March $357,075 Total $937,575 4. Schedule Showing Account receivable bal as of March31,2019 Particular Amount February Sales($310500*13%) $40,365 March Sales($357075*34%) $121,406 Total Balance as on 31Mar 2019 $161,771

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