Exercise 10.30 a-b Environmental Landscaping Inc. is preparing its budget for the first quarter of 2020. The next step is to prepare a cash receipts schedule and a cash payments schedule. The following Information has been collected: 1. Clients usually pay 50% of their fee in the month when the service is provided, 40% the next month, and 10% in the second month after receiving the service. 2 Actual service revenues for 2019 and expected service revenues for 2020 are as follows: November 2019, $88,000; December 2019, $71,000; January 2020, $110,000; February 2020, $118,000; and March 2020, $130,000. 3. The company pays for purchases of landscaping supplies (direct materials) 60% in the month of purchase and 40% the following month. Actual purchases for 2019 and expected purchases for 2020 are: December 2019, $13,000; January 2020, $13,000; February 2020, $15,000; and March 2020, $22,000. Your answer is correct. Prepare the following schedules for each month in the first quarter of 2020 and for the quarter in total. and for the quarter in to (1) Schedule of expected collections from clients. ENVIRONMENTAL LANDSCAPING INC. For the Quarter Ending March 31, 2020 January February March Quarter 8800 0 0 November 8800 December 28400 7100 35500 55000 January 44000 11000 110000 > 59000 47200 February 106200 65000 65000 March he 92200 110100 123200 325500 Total collections (2) Schedule of expected payments for landscaping supplies. ENVIRONMENTAL LANDSCAPING INC. For the Quarter Ending March 31, 2020 January February March Quarter 5200 0 5200 December 7800 5200 0 13000 January 0 9000 6000 15000 February 0 0 13200 13200 March 13000 14200 19200 46400 Total payments LINK TO TEXT LINK TO TEXT Your answer is incorrect, Determine the following balances at March 31, 2020. 325500 Accounts receivable 46400 Accounts payable