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aleksandrvk [35]
2 years ago
13

Green Landscaping Inc. is preparing its budget for the first quarter of 2020. The next step in the budgeting process is to prepa

re 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 month after, and 10% the second month after receiving service. Actual service revenue for 2019 and expected service revenues for 2020 are November 2019, $94,040; December 2019, $83,200; January 2020, $103,960; February 2020, $123,060; and March 2020, $131,040. Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2019 and expected purchases for 2020 are December 2019, $18,410; January 2020, $17,530; February 2020, $19,940; and March 2020, $20,750. (a) Prepare the following schedules for each month in the first quarter of 2020 and for the quarter in total: (1) Expected collections from clients.
Business
1 answer:
Igoryamba2 years ago
4 0

Answer:

Jan          $  95,656

February $  115,420

March      $  127,848

Total        $  338,924

Explanation:

\left[\begin{array}{cccccc}&$January&$February&$March&$Total\\\\$Sales&103,960&123,060&131,040&934,000\\\\\\$Current Month&62,376&73,836&78,624&214,836\\$Previous&33,280&41,584&49,224&124,088\\$Total&95,656&115,420&127,848&338,924\\\end{array}\right]

We have to multiply the month sales by 60% (0.60) to obtaining the current month collection

Then, we multiply the previopus month

(December for January)

January for February)

Febraury for March)

To know the colelction form the previous period

then we add and get the total collection

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