Blake Construction is preparing its budget for the first quarter of 2020. The next step in the budgeting process is to complete a cash receipts schedule and a cash payments schedule. To that end the following information has been collected.

Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service.

Actual service revenue for 2019 and expected service revenues for 2020 are November 2019, $9,406; December 2019, $8,280; January 2020, $10,213; February 2020, $12,281; and March 2020, $13,363.

Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2019 and expected purchases for 2020 are December 2019, $1650; January 2020, $1,555; February 2020, $1,697; and March 2020, $1,977.

Prepare the following schedules for each month in the first quarter of 2020 and for the quarter in total

Schedule of Expected Collections From Clients

Schedule of Expected Collections From Clients

Jan. Feb. Mar.

Nov. 940.6 - -

Dec. 2,484 828 -

Jan. 6,127.8 3,063.9 1,021.3

Feb. - 7,368.6 3,684.3

Mar. - - 8,017.8

__________________________

9,552.4 11,260.5 12,723.4

Total Collections = $9,552.4+$11,260.5+$12,723.4

= $33,536.3

Schedule of Expected Payments of Landscaping Supplies

Jan. Feb. Mar.

Nov. - - -

Dec. 660 - -

Jan. 933 622 -

Feb. - 1,018.2 678.8

Mar. - - 1,186.2

_______________________

1,593 1,640.2 1,865

Total Payments = $1,593+$1,640.2+$1,865

= $5,098.2

Question: What formulas can I use to solve for balances at March 31, 2020 of the following? I pose this example a few days ago and could not obtain direction.

Accounts Receivable =

Accounts Payable =