Green Landscaping Inc. is preparing its budget for the first quarter of 2020. The next step...

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Green Landscaping Inc. is preparing its budget for the first quarter of 2020. 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 2019 and expected service revenues for 2020 are November 2019, $93,620; December 2019, $83,630; January 2020, $102,120; February 2020, $123,950; and March 2020, $133,630. Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2019 and expected purchases for 2020 are December 2019, $16,410; January 2020, $13,540; February 2020, $18,970; and March 2020, $23,150. (a) Prepare the following schedules for each month in the first quarter of 2020 and for the quarter in total: (1) Expected collections from clients. November December January February March Total collections $ January GREEN LANDSCAPING INC. Schedule of Expected Collections From Clients February March: $ Quarter December January February March January GREEN LANDSCAPING INC. Schedule of Expected Payments for Landscaping Supplies February March Total payments (b) Determine the following balances at March 31, 2020: (1) Accounts receivable $ (2) Accounts payable $ $ Quarter Green Landscaping Inc. is preparing its budget for the first quarter of 2020. 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 2019 and expected service revenues for 2020 are November 2019, $93,620; December 2019, $83,630; January 2020, $102,120; February 2020, $123,950; and March 2020, $133,630. Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2019 and expected purchases for 2020 are December 2019, $16,410; January 2020, $13,540; February 2020, $18,970; and March 2020, $23,150. (a) Prepare the following schedules for each month in the first quarter of 2020 and for the quarter in total: (1) Expected collections from clients. November December January February March Total collections $ January GREEN LANDSCAPING INC. Schedule of Expected Collections From Clients February March: $ Quarter December January February March January GREEN LANDSCAPING INC. Schedule of Expected Payments for Landscaping Supplies February March Total payments (b) Determine the following balances at March 31, 2020: (1) Accounts receivable $ (2) Accounts payable $ $ Quarter

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