Adams Pointers Corporation expects to begin operations on January 1, 2019; it will operate as...
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Adams Pointers Corporation expects to begin operations on January 1, 2019; it will operate as a specialty sales company that sells laser pointers over the Internet. Adams expects sales in January 2019 to total $350,000 and to increase 15 percent per month in February and March. All sales are on account. Adams expects to collect 66 percent of accounts receivable in the month of sale, 22 percent in the month following the sale, and 12 percent in the second month following the sale.
A. Determine the amount of accounts receivable as of March 31, 2019
Accounts receivable
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