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 %6 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. Prepare the following schedules for each month in the first quarter of 2017 and for the quarter in total: (1) Expected collections from clients. SARASOTA LANDSCAPING INC. Schedule of Expected Collections From Clients January February March Quarter November December January February March Total collections 4A- (2) Expected payments for landscaping supplies. SARASOTA LANDSCAPING INC. Schedule of Expected Payments for Landscaping Supplies January February March Quarter December $ $ $ $ January February March Total payments 4A- Determine the following balances at March 31, 2017: (1) Accounts receivable (2) Accounts payable $ Open Show Work Click if you would like to Show Work for this