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December January February March Total payments S January 5600 7800 13400 $ ORIOLE LANDSCAPING INC. For the Quarter Ending March 31, 2022 February $200 8400 13400 $ March 5400 12600 18200

December January February March Total payments S January 5600 7800 13400 $ ORIOLE LANDSCAPING INC. For the Quarter Ending March 31, 2022 February $200 8400 13400 $ March 5400 12600 18200

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(2) Schedule of expected payments for landscaping supplies December January February March Total payments $ eTextbook and Media Accounts receivable $ Accounts payable S January eTextbook and Media 5600 Determine the following balances at March 31, 2022 7800 13400 I ORIOLE LANDSCAPING INC. For the Quarter Ending March 31, 2022 February $200 1300 March 5400 12400 18200 II
Transcribed Image Text:(2) Schedule of expected payments for landscaping supplies December January February March Total payments $ eTextbook and Media Accounts receivable $ Accounts payable S January eTextbook and Media 5600 Determine the following balances at March 31, 2022 7800 13400 I ORIOLE LANDSCAPING INC. For the Quarter Ending March 31, 2022 February $200 1300 March 5400 12400 18200 II
Oriole Landscaping Inc. is preparing its budget for the first quarter of 2022. The next step is to prepare a cash receipts schedule and a cash payments schedule. The following information has been collected: 1. 2. 3. Clients usually pay 50% of their fee in the month when the service is provided, 40% the next month, and 10% in the second month after receiving the service. Actual service revenues for 2021 and expected service revenues for 2022 are as follows: November 2021, $92,000, December 2021, $70,000, January 2022, $112,000, February 2022, $122.000, and March 2022. $128,000. The company pays for purchases of landscaping supplies (direct materials) 60% in the month of purchase and 40% the following month. Actual purchases for 2021 and expected purchases for 2022 are: December 2021, $14,000, January 2022. $13,000, February 2022, $14,000, and March 2022, $21,000 Prepare the following schedules for each month in the first quarter of 2022 and for the quarter in total. (1) Schedule of expected collections from clients January 9200 28000 56000 2200 $ ORIOLE LANDSCAPING INC. For the Quarter Ending March 31, 2022 February 7000 44800 61000 112800. March 11200 48800 64000 124000 Quarter 9200 35000 112000 109000 64000 330000
Transcribed Image Text:Oriole Landscaping Inc. is preparing its budget for the first quarter of 2022. The next step is to prepare a cash receipts schedule and a cash payments schedule. The following information has been collected: 1. 2. 3. Clients usually pay 50% of their fee in the month when the service is provided, 40% the next month, and 10% in the second month after receiving the service. Actual service revenues for 2021 and expected service revenues for 2022 are as follows: November 2021, $92,000, December 2021, $70,000, January 2022, $112,000, February 2022, $122.000, and March 2022. $128,000. The company pays for purchases of landscaping supplies (direct materials) 60% in the month of purchase and 40% the following month. Actual purchases for 2021 and expected purchases for 2022 are: December 2021, $14,000, January 2022. $13,000, February 2022, $14,000, and March 2022, $21,000 Prepare the following schedules for each month in the first quarter of 2022 and for the quarter in total. (1) Schedule of expected collections from clients January 9200 28000 56000 2200 $ ORIOLE LANDSCAPING INC. For the Quarter Ending March 31, 2022 February 7000 44800 61000 112800. March 11200 48800 64000 124000 Quarter 9200 35000 112000 109000 64000 330000
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