mccarty pointer inc expects begin operations january 1 2012 it will operate specialty sales

McCarty Pointer Inc. 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 $200,000 and to increase 10% per month in February and March. All sales are on account. McCarty expects to collect 70% of accounts receivable in the month of sale, 20% in the month following the sale, and 10% in the second month following the sale. A. Prepare a sales budget for the first quarter of 2012 B. Determine the amount of sales revenue McCarty will report on the first 2012 quarterly pro forma income statement. C. Prepare a cash receipts schedule for the first quarter of 2012. D. Determine the amount of accounts as of March 31, 2012

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