Ayayai 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, $124,000; December 2021, $103,000; January 2022, $148,000; February 2022, $162,000: March 2022, $173,000. 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, $21,000; January 2022, $19,100; February 2022, $23,400: March 2022. $26,800. (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 O for amounts) AYAYAILANDSCAPING COMPANY Schedule of Expected Collections From Clients For the Quarter Ending March 31, 2022

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Ayayai 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, $124,000: December 2021, $103,000;
January 2022, $148,000; February 2022, $162,000; March 2022, $173,000.
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, $21.000; January 2022, $19,100; February 2022, $23,400: March 2022.
$26,800.
(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 O for amounts)
January
AYAYAILANDSCAPING COMPANY
Schedule of Expected Collections From Clients
For the Quarter Ending March 31, 2022
February
March
Qua
Transcribed Image Text:Ayayai 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, $124,000: December 2021, $103,000; January 2022, $148,000; February 2022, $162,000; March 2022, $173,000. 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, $21.000; January 2022, $19,100; February 2022, $23,400: March 2022. $26,800. (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 O for amounts) January AYAYAILANDSCAPING COMPANY Schedule of Expected Collections From Clients For the Quarter Ending March 31, 2022 February March Qua
November $
December
January
February
March
Total
collections
$
January
AYAYAILANDSCAPING COMPANY
Schedule of Expected Collections From Clients
For the Quarter Ending March 31, 2022
February
$
March
Qua
Transcribed Image Text:November $ December January February March Total collections $ January AYAYAILANDSCAPING COMPANY Schedule of Expected Collections From Clients For the Quarter Ending March 31, 2022 February $ March Qua
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