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Prepare a cash receipts schdule for the first quarter

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Question - Dorough expects sales on jan 2012 total 200,000 and to increase 10% per month in feb and march. All sales are on account. Dorough 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 sale budget for the first quarter of 2012.

(B) Determine the amount of sales revenue dorough will report on the first 2012 quarterly pro forma income statement.

(C) Prepare a cash receipts schdule for the first quarter of 2012.

(D) Determine the amount of accounts receivable as of march 31, 2012.

Reference no: EM131875789

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