Exercise 13-18 Sarasota Landscaping Inc. is preparing its budget for the first quarter of 2017. 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 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 2016 and expected service revenues for 2017 are November 2016, $94,060; December 2016, $82,800; January 2017, $102,130, February 2017, $122,810, March 2017, $133,630 Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2016 and expected purchases for 2017 are December 2016, $16,500; January 2017, $15,550; February 2017, $16,970; March 2017, $19,770. SARASOTA LANDSCAPING INC. Schedule of Expected Collections From Clients For the Quarter Ending March 31, 2017 January February March Quarter 2 November 9406 sl9406 SSS December 24840 8280 T 33120 January 1238 61278 30639 10213 J 102130 February 36843 73686 110529 March 80178 80178 COM Total collections 5524 75762 164077 335363