Green Landscaping Inc. is preparing its budget for the first quarter of 2014. 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 provided, 30% the month after, and 10% the second month after receiving service.
Actual service revenue for 2013 and expected service revenues for 2014 are November 2013, $92,640; December 2013, $83,750; January 2014, $101,970; February 2014, $124,250; March 2014, $132,260.
Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2013 and expected purchases for 2014 are December 2013, $18,010; January 2014, $15,510; February 2014, $18,460; March 2014, $19,190.
(A) Prepare the following schedules for each month in the first quarter of 2014 and for the quarter in total:
(1)Expected collections from clients.
(2) Expected payments for landscaping supplies.
(B) Determine the following balances at March 31, 2014:
(1)Accounts receivable?
(2) Accounts Payable?
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