Minor Landscaping Company is preparing its budget for the first quarter of 2017. The next step in the budgeting process is to end the following information has been collected.prepare receipts schedule and a cash payments schedule. To that cash cash

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 2016 and expected service revenues for 2017 are: November 2016, $120,000; December 2016, $110,000; January 2017, $140,000; February 2017, $160,000; March 2017, $170,000.

Purchases on landscaping supplies (direct materials) are paid 40% in the month of purchase and 60% the following month. Actual purchases for 2016 and expected purchases for 2017 are: December 2016, $21,000; January 2017, $20,000; February 2017, $22,000; March 2017, $27,000.

Prepare achedules of expected collections from clients for each month in the first quarter of 2017 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, 2017JanuaryFebruaryMarchQuarterNovember

$

$

$

$

December

January

February

March

Total collections

$

$

$

$

aPrepare schedules of expected payments for landscaping supplies for each month in the first quarter of 2017 and for the quarter in total: of expected payments for landscaping supplies for each month in the first quarter of 2017 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, 2017

JanuaryFebruaryMarchQuarterDecember

$

$

$

$

January

February

March

Total payments

$

$

$

$

Determine the account receivable balances at March 31, 2017:

Accounts Receivable

$

Determine the account payable balances at March 31, 2017:

Accounts Payable$