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Vaughn Landscaping Inc, is preparing its budget for the first quarter of 2022. The next...

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Accounting

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Vaughn Landscaping Inc, is preparing its budget for the first quarter of 2022. 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 monthafter, and 10% the second month after receiving service. Actual service revenue for 2021 and expected service revenues for 2022 are Novimber 2021 \$99,200: December 2021, \$111,600; January 2022, \$124,000: February 2022,\$148,800: and March 2022,\$173,600. Purchases of landscaping supplies (direct materiats) are paid 60% in the month of purchase and 40% the following imonth Actual. purchases for 2021 and expected purchases for 2022 are December 2021, \$17,360; January 2022, \$14,880; February 2022,$18,600; and March 2022,\$22,320. (a) Prepare the following schedules for each month in the first quirter of 2022 and for the quarter in total. (1) Expected collections from clients

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