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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 is to prepare a cash receipts schedule and a cash payments schedule. The following information has been collected: 1. 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. 2. Actual service revenues for 2021 and expected service revenues for 2022 are as follows: November 2021, \$92,000; December 2021, \$68,000; January 2022,\$112,000; February 2022, \$120,000; and March 2022,\$127,000. 3. The company pays for purchases of landscaping supplies (direct materials) 60% in the month of purchase and 4086 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, \$22,000. 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. (2) Schedule of expected payments for landscaping supplies. Determine the following balances at March 31, 2022

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