Sutton pointers corporation expects to begin operations on january 1, 2015; it will operate as a specialty sales company that sells laser pointers over the internet. sutton expects sales in january 2015 to total $240,000 and to increase 5 percent per month in february and march. all sales are on account. sutton 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. a. determine the amount of sales revenue sutton will report on the first 2015 quarterly pro forma income statement. b. prepare a cash receipts schedule for the first quarter of 2015.schedule of cash receipts jan feb marchreceipts from jan sales receipts from feb sales receipts from march sales total c. determine the amount of accounts receivable as of march 31, 2015

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Kiona co. set up a petty cash fund for payments of small amounts. the following transactions involving the petty cash fund occurred in may (the last month of the company's fiscal year). may 1 prepared a company check for $350 to establish the petty cash fund. 15 prepared a company check to replenish the fund for the following expenditures made since may 1. a. paid $109.20 for janitorial services. b. paid $89.15 for miscellaneous expenses. c. paid postage expenses of $60.90. d. paid $80.01 to the county gazette (the local newspaper) for an advertisement. e. counted $26.84 remaining in the petty cashbox. 16 prepared a company check for $200 to increase the fund to $550. 31 the petty cashier reports that $380.27 cash remains in the fund. a company check is drawn to replenish the fund for the following expenditures made since may 15. f. paid postage expenses of $59.10. g. reimbursed the office manager for business mileage, $47.05. h. paid $48.58 to deliver merchandise to a customer, terms fob destination. 31 the company decides that the may 16 increase in the fund was too large. it reduces the fund by $50, leaving a total of $500.