E23-2 mediu mates 120 he Prepare schedules for cash E23-18 Green Landscaping Inc. is preparing its budget for the first quae receipts and cash payments, ext step in the budgeting process is to prepare a cash receipts schedule ar of 2017, and determine ending and ments schedule. To that end the following information has been collected a cash balances for balance sheet Clients usually pay 60% of their fee in the month that service is perfo Instra Prep (LO 4) month after, and 10% the second month after receiving service. Actual service revenue for 2016 and expected service revenues for 201z 2016, $80,000; December 2016, $90,000; January 2017, $100,000: Feh re N : Febru $120,000; and March 2017, $140,000. ary 2017 Purchases of landscaping supplies (direct materials) are paid 60% in purchase and 40% the following month. Actual purchases for 2016 and ue month d chases for 2017 are December 2016, $14,000; January 2017, $12,000: Fehed pu February 2 Pur. 2017 $15,000; and March 2017, $18,000. Instructions (a) Prepare the following schedules for each month in the first quarter of 2017 quarter in total: (1) Expected collections from clients. (2) Expected payments for landscaping supplies. 923 foll (b) Determine the following balances at March 31, 2017 2. (1) Accounts receivable (2) Accounts payable