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Minor Landscaping Company is preparing its budget for the first quarter of 2022 . The next step in the budgeting process is to prepare a

image text in transcribedimage text in transcribed Minor Landscaping Company is preparing its budget for the first quarter of 2022 . 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 2021 and expected service revenues for 2022 are: November 2021,$120,000; December 2021, $110,000; January 2022, \$140,000; February 2022, $160,000; March 2022, $170,000. Purchases on landscaping supplies (direct materials) are paid 40% in the month of purchase and 60% the following month. Actual purchases for 2021 and expected purchases for 2022 are: December 2021, $21,000; January 2022, $20,000; February 2022 , $22,000; March 2022,$27,000. Prepare a schedule of expected collections from clients for each month in the first quarter of 2022 and for the quarter in total: Prepare a schedule of expected payments for landscaping supplies for each month in the first quarter of 2022 and for the quarter in total: Determine the account receivable balances at March 31, 2022: Accounts Receivable $ Determine the account payable balances at March 31, 2022

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