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Current Attempt in Progress Oriole Landscaping Inc. is preparing its budget for the first...

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Accounting

Current Attempt in Progress
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:
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.
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