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Prepare the following schedules for each month

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Reference no: EM131796268

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, $92,420; December 2016, $81,840; January 2017, $104,490; February 2017, $121,040; March 2017, $133,960.

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, $19,070; January 2017, $17,680; February 2017, $17,810; March 2017, $21,720.

(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.

Reference no: EM131796268

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