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    JUFRAN6421's Avatar
    JUFRAN6421 Posts: 1, Reputation: 1
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    #1

    Jun 25, 2012, 10:50 AM
    How to prepare a sales budget for the first quarter?
    McCarty Pointers Inc expects to begin operations on January 1, 2012 it will operate as a specialty sales company that sells laser pointers on the Internet. McCarty expects sales in January 2012 to total 200,000$ and to increase 10 percent per month in February and March. All sales are on account. McCarty expects to collect 70 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 10 percent in the second month following the sale. Prepare a sales budget for the first quarter of 2012? Determine the amount of sales revenue McCarty will report on the first 2012 quarterly pro forma income statement. Prepare a cash receipts schedule for the first quarter 2012? Determine the amount of accounts receivable as of March 31, 2012?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Jun 25, 2012, 05:54 PM
    Quote Originally Posted by JUFRAN6421 View Post
    McCarty Pointers Inc expects to begin operations on January 1, 2012 it will operate as a specialty sales company that sells laser pointers on the Internet. McCarty expects sales in January 2012 to total 200,000$ and to increase 10 percent per month in Febuary and March. All sales are on account. McCarty expects to collect 70 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 10 percent in the second month following the sale. Prepare a sales budget for the first quarter of 2012? Determine the amount of sales revenue McCarty will report on the first 2012 quarterly pro forma income statement. Prepare a cash receipts schedule for the first quarter 2012? Determine the amount of accounts receivable as of March 31, 2012?
    read carefully what is said
    sales in January 2012 to total 200,000$ and to increase 10 percent per month in February and March
    Determine the amount of sales revenue McCarty will report on the first 2012 quarterly pro forma income statement

    McCarty expects to collect 70 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 10 percent in the second month following the sale
    Prepare a cash receipts schedule for the first quarter 2012?
    Determine the amount of accounts receivable as of March 31, 2012

    so a matter of simple mathematics

    200000*1.1 = February * 1.1 = March
    January + February + March =

    200000*.7 = January 200000* .2 =February 200000 *.1 = March

    and so on
    skinnymrsl's Avatar
    skinnymrsl Posts: 4, Reputation: 1
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    #3

    Sep 11, 2012, 04:38 PM
    Once you add Jan, Feb, and March together which is 262,00 how would you set the next step up? Could you please help?
    skinnymrsl's Avatar
    skinnymrsl Posts: 4, Reputation: 1
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    #4

    Sep 11, 2012, 04:48 PM
    [QUOTE=paraclete;3168261]read carefully what is said
    sales in January 2012 to total 200,000$ and to increase 10 percent per month in February and March
    Determine the amount of sales revenue McCarty will report on the first 2012 quarterly pro forma income statement

    McCarty expects to collect 70 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 10 percent in the second month following the sale
    Prepare a cash receipts schedule for the first quarter 2012?
    Determine the amount of accounts receivable as of March 31, 2012

    so a matter of simple mathematics

    200000*1.1 = February * 1.1 = March
    January + February + March =

    200000*.7 = January 200000* .2 =February 200000 *.1 = March

    and so on
    skinnymrsl's Avatar
    skinnymrsl Posts: 4, Reputation: 1
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    #5

    Sep 11, 2012, 04:50 PM
    Could you please help me set up the figures for this problem?
    skinnymrsl's Avatar
    skinnymrsl Posts: 4, Reputation: 1
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    #6

    Sep 11, 2012, 04:52 PM
    Quote Originally Posted by skinnymrsl View Post
    could you please help me set up the figures for this problem?
    what do I need to do next?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #7

    Sep 11, 2012, 08:31 PM
    Read the question?

    Prepare a cash receipts schedule for the first quarter 2012?
    Determine the amount of accounts receivable as of March 31, 2012?

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