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Please work in the excel with formula's- Green Landscaping Inc. is preparing its budget for the first quarter of 2017. The next step in the

Please work in the excel with formula's-

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, $94,290; December 2016, $83,720; January 2017, $104,810; February 2017, $122,860; March 2017, $133,740.

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, $16,190; January 2017, $13,080; February 2017, $17,510; March 2017, $21,410.

(a)

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 For the Year Ending March 31, 2017March 31, 2017For the Quarter Ending March 31, 2017
January February March Quarter
November $ $ $ $
December
January
February
March
Total collections $ $ $ $

(2)Expected payments for landscaping supplies.

GREEN LANDSCAPING INC. Schedule of Expected Payments for Landscaping Supplies For the Quarter Ending March 31, 2017For the Year Ending March 31, 2017March 31, 2017
January February March Quarter
December $ $ $ $
January
February
March
Total payments $ $ $ $

(b)

Determine the following balances at March 31, 2017:

(1)Accounts receivable $
(2)Accounts payable $
image text in transcribed Exercise SHE Gwen landscaping Inc. is DrEDal'lng lis budgl't FortherstquarterafZDllThe next ea lnthe budgeting Brutus is to preparea cash retains scheduleand a cash pavmems schedulefro that and the Follawing lnfnnnatlon has been collected. Cliem: lEually pay 60% ottherrl'ee ln the month that servlce ls perromred, 30% the month after, and 10% the second month after recerving service. Actual eervrce avenue For 2015 and expectad eervrce avenues Fur 2017 are November 2015, $04,250; December 2015, $03,720; January 2017. $104,010; Febmary 2017. $122,050; Malth 2017. $133,740. Purchases of landscaprng supplles (drrect materrals) are pard 60% .n the rrurlth or purchase and 40% the Folluwrng month. Actual purchases For 2015 and Expected purchaser (or 2017 are December 2015, $15,150; January 2017, $13,000; Febmary 2017411510; March 2017, $21a10. (a) prepare the rollorrrng schedules ioreach month in thehrst ouarteror 2017and Eartha quarter m total: (1) Expected collectronc from clients. GREEN [Ann-supine 1m. Schedule oi Expected collections From Glen's November $ $ $ $ December January Febma ry March Total collections $ $ (1) Expected payments For landscaping supple. GREEN LANDSCAPING IIK'. .Sdledule nf Expeded payments lur lardstaplrlg supplier December $ $ $ $ January February Marth Total paymem: $ ('3) Determine the Fullnwlng balances at March 31. 2017: (1) Accounerecervable $ (2) Amumpayabla $

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