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Fxercise Graan landscaping Inc. is preparing its hudget for the first quarter of 2017. The next step in the hungating process is ta prepare a
Fxercise Graan landscaping Inc. is preparing its hudget for the first quarter of 2017. The next step in the hungating process is ta prepare a cash recals schedule and a cash payments schedule. To that and the following intomation has been callactad. Clients usually pay 60% of their toe in the month that service is performed, 305 the months after, and 10% the second month after receiving service Artual SAVICA TEVELA tor 2010 and expected service revenues tor 2020 are November 2019, 503,790; December 2019, $81,030, lanuny 2020, $103,700; February 2020, $121,169; and March 2020, $137, 120. Purchases of landscaping Supplies (direct materials) are paid oss in the month of purchase and 40 the following month. Actual purchases for 2019 and expected purchases for 2020 are December 2019, $16, ASO, Tanzary 2020, S13,860; February 2020. $18,230, and March 2020, 519,600. (a) Prepare the following schedules for each month in the first quarter of 2020 and for the quarter in total (1) Expected collections from clients GRFFN LANDSCAPING ING Schedule of Expectel Gallestions From Clients January February March Quarter Novembar December February March lotal collections (2) Expected payments for landscaping supplies GRLLN LANDSKAPING INC Schedule of Lxpected Payments for Landscaping Supplies January February March Quarter December Jally February March Tatal payments Determine the following balamal Merch 31, 2020 (1) Accounts recevable (2) Accounts payable
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