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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

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947536

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