Question
Sarasota Landscaping Company is preparing its budget for the first quarter of 2022. The next step in the budgeting process is to prepare cash receipts
Sarasota Landscaping Company is preparing its budget for the first quarter of 2022. The next step in the budgeting process is to prepare cash receipts and cash payments schedules. 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, $127,000; December 2021, $108,000; January 2022, $145,000; February 2022, $162,000; March 2022, $171,000. Purchases of landscaping supplies are paid 30% in the month of purchase and 70% the following month. Actual purchases for 2021 and expected purchases for 2022 are: December 2021, $21,700; January 2022, $20,400; February 2022, $22,700; March 2022, $26,500. (a1) Prepare a schedules of expected collections from clients for each month in the first quarter of 2022 and for the quarter in total. (Do not leave any answer field blank. Enter 0 for amounts.) SARASOTALANDSCAPING COMPANY Schedule of Expected Collections From Clients choose the accounting period January February March Quarter November $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount December enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount January enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount February enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount March enter a dollar amount enter a dollar amount enter a dollar amount enter a dollar amount Total collections $enter a total amount $enter a total amount $enter a total amount $enter a total amount last slide says quarter by the way
Current Attempt in Progress Sarasota Landscaping Company is preparing its budget for the first quarter of 2022. The next step in the budgeting process is to prepare cash receipts and cash payments schedules. 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, $127,000; December 2021, $108,000; January 2022, $145.000; February 2022, $162,000; March 2022. $171,000. Purchases of landscaping supplies are paid 30% in the month of purchase and 70% the following month. Actual purchases for 2021 and expected purchases for 2022 are: December 2021, $21,700; January 2022. $20.400; February 2022, $22,700; March 2022, $26,500. (a1) Prepare a schedules of expected collections from clients for each month in the first quarter of 2022 and for the quarter in total. (Do not leave any answer field blank. Enter for amounts.) SARASOTALANDSCAPING COMPANY Schedule of Expected Collections From Clients January February March Qua November $ $ $ December January February March Total collections $ $ $ $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started