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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.

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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9160890

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