Exercise 9-18 Green 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, $93,660; December 2016, $82,580; January 2017, $104,570; February 2017. $124,710; March 2017. $133,440. 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, $17,570; January 2017, $16,320; February 2017, $17,320; March 2017, $22,350. Prepare the following schedules for each month in the first quarter of 2017 and for the quarter in total: (1) Expected collections from clients. GREEN LANDSCAPING INC. Schedule of Expected Collections From Clients tudy January February November March Quarter December January February March Total collections Leleu payments for landscaping supplies. GREEN LANDSCAPING INC. Schedule of Expected Payments for Landscaping Supplies January February December |_ March Quarter January February March Total payments (b) Determine the following balances at March 31, 2017: (1) Accounts receivable (2) Accounts payable Click if you would like to Show Work for this question: Open Show Work