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e9-18 Green Landscaping Inc is preparing its budget for the first quarter of 2020. The next step in the budgeting process is to prepare a
e9-18
Green Landscaping Inc is preparing its budget for the first quarter of 2020. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule To that end the following information has been Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after rece inser ice Actual service revenue for 2019 and expected service revenues for 2020 are November 2019,$94,500 December 2019,S84.030 January 2020,S102010: February 2020, $123.980 and March 2020, $134410 Purchases o landscaping supplies rect materials are paid 60% n the month of purchase and 40% the 1 ng month. Actual purchases for 2019 ande pected purchases or 2020 are December S 0: nuanr20 February 2020, $19,580: and March 2020, $21,620 Prepare the following schedules for each month in the first quarter of 2020 and for the quarter in total: (1) Expected collections from clients. Schedule of Expected Collections From Clients February arter November December January February March Total collectionsStep by Step Solution
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