Question 19 of 19 ... / 11 View Policies Current Attempt in Progress Environmental Landscaping Inc. is preparing its budget for the first quarter of 2020. The next step is to prepare a cash receipts schedule and a cash payments schedule. The following information has been collected: 1 Clients usually pay 50% of their fee in the month when the service is provided, 40% the next month, and 10% in the second month after receiving the service 2. Actual service revenues for 2019 and expected service revenues for 2020 are as follows: November 2019, $90,000; December 2019, $69,000; January 2020, $111,000; February 2020, $119,000; and March 2020, $129,000. 3. The company pays for purchases of landscaping supplies (direct materials) 60% in the month of purchase and 40% the following month. Actual purchases for 2019 and expected purchases for 2020 are: December 2019, $13,000; January 2020, $13,000; February 2020, $15,000; and March 2020, $20,000. (a) Your answer has been saved. See score details after the due date. Prepare the following schedules for each month in the first quarter of 2020 and for the quarter in total. (1) Schedule of expected collections from clients. ENVIRONMENTAL LANDSCAPING INC. For the Quarter Ending March 31, 2020 January February March November 9000 $ December 27600 6900 January 55500 44400 11100 February 59500 47600 March 64500 $ 92100 $ Total collections 110800 $ 123200 $ (2) Schedule of expected payments for landscaping supplies. ENVIRONMENTAL LANDSCAPING INC. For the Quarter Ending March 31, 2020 January February March $ 5200 $ December $ January 7800 5200 February 9000 6000 March 12000 $ $ $ Total payments 13000 14200 18600(b) Determine the following balances at March 31, 2020. Accounts receivable Accounts payable Save for Later Attempts: 0 of 1 used Submit