Current Attempt in Progress Crane Landscaping Inc. is preparing its budget for the first quarter of...

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Current Attempt in Progress Crane Landscaping Inc. 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 performed, 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, $64,000; December 2021, $72,000; January 2022, $80,000; February 2022, $96,000; and March 2022, $112,000. Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2021 and expected purchases for 2022 are December 2021, $11,200; January 2022, $9,600; February 2022, $12,000; and March 2022, $14,400. (a) Prepare the following schedules for each month in the first quarter of 2022 and for the quarter in total: (1) Expected collections from clients. January November $ December January February CRANE LANDSCAPING INC. Schedule of Expected Collections From Clients For the Year Ending March 31, 2022 February 64000 $ March Total $ $ $ collections (2) Expected payments for landscaping supplies. January December $ January February March Total payments S CRANE LANDSCAPING INC. March Quart Schedule of Expected Payments for Landscaping Supplies (b) Determine the following balances at March 31, 2022: (1) Accounts receivable $ (2) Accounts payable $ February March Quart Current Attempt in Progress Crane Landscaping Inc. 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 performed, 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, $64,000; December 2021, $72,000; January 2022, $80,000; February 2022, $96,000; and March 2022, $112,000. Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2021 and expected purchases for 2022 are December 2021, $11,200; January 2022, $9,600; February 2022, $12,000; and March 2022, $14,400. (a) Prepare the following schedules for each month in the first quarter of 2022 and for the quarter in total: (1) Expected collections from clients. January November $ December January February CRANE LANDSCAPING INC. Schedule of Expected Collections From Clients For the Year Ending March 31, 2022 February 64000 $ March Total $ $ $ collections (2) Expected payments for landscaping supplies. January December $ January February March Total payments S CRANE LANDSCAPING INC. March Quart Schedule of Expected Payments for Landscaping Supplies (b) Determine the following balances at March 31, 2022: (1) Accounts receivable $ (2) Accounts payable $ February March Quart