Exercise 193 Minor Landscaping Company 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 collected. Clients usually pay 60% of their fee in the month that service is provided, 30% the month after, and 10% the second month after receiving service Actual service revenue for 2019 and expected service revenues for 2020 are: November 2019, $120,000; December 2019, $110,000; January 2020, $140,000; February 2020, $160,000; March 2020, $170,000 Purchases on landscaping supplies (direct materials) are paid 40% in the month of purchase and 60% the following month. Actual purchases for 2019 and expected purchases for 2020 are: December 2019, $21,000; January 2020, $20,000; February 2020, $22,000; March 2020, $27,000 Prepare a schedules of expected collections from clients for each month in the first quarter of 2020 and for the quarter in total: (Do not leave any answer field blank. Enter 0 for amounts.) MINOR LANDSCAPING COMPANY Schedule of Expected Collections From Clients For the Quarter Ending March 31, 2020 January February March Quarter November December January February March Total collections Prepare a schedules of expected payments for landscaping supplies for each month in the first quarter of 2020 and for the quarter in total: (Do not leave any answer field blank. Enter 0 for amounts.) MINOR LANDSCAPING COMPANY Schedule of Expected Payments for Landscaping Supplies For the Quarter Ending March 31, 2020 March February January Quarter December January February March Total payments $ LINK TO TEXT LINK TO TEXT Determine the account receivable balances at March 31, 2020: Accounts Receivable LINK TO TEXT LINK TO TEXT Determine the account payable balances at March 31, 2020: Accounts Payable