- Bramble Landscaping Company Is Preparing Its Budget For The First Quarter Of 2022 The Next Step In The Budgeting Proces 1 (127.95 KiB) Viewed 51 times
Bramble Landscaping
Company is preparing its budget for the first quarter of 2022. The next step in the budgeting process is to prepare cash receipts and cash payments schedules. To that end the following information has been collected. Clients usually pay 60% of their fee in the month that service is provided, 30% the month after, and 10% the second month after receiving service. Actual service revenue for 2021 and expected service revenues for 2022 are: November 2021, $120,000; December 2021, $103,000; January 2022, $143,000; February 2022, $162,000; March 2022, $174,000. Purchases of landscaping supplies are paid 30% in the month of purchase and 70% the following month. Actual purchases for 2021 and expected purchases for 2022 are: December 2021, $21,200; January 2022, $19,600; February 2022, $23,500; March 2022, $26,400. Prepare a schedules of expected collections from clients for each month in the first quarter of 2022 and for the quarter in total. (Do not leave any answer field blank. Enter O for amounts.) BRAMBLELANDSCAPING
COMPANY Schedule of Expected Collections From Clients For the Quarter Ending March 31, 2022 January February March Quart
BRAMBLELANDSCAPING
COMPANY Schedule of Expected Collections From Clients For the Quarter Ending March 31, 2022 v January February March Quart November $ 120000 $ $ $ December January February March Total collections $ $ $ $
Prepare a schedules of expected payments for landscaping supplies for each month in the first quarter of 2022 and for the quarter in total. (Do not leave any answer field blank. Enter O for amounts.) BRAMBLELANDSCAPING
COMPANY Schedule of Expected Payments for Landscaping Supplies January February March Quart December $ $ $ $ January February March Total payments $ $ $ $
Determine the account receivable balances at March 31, 2022. Accounts Receivable $ Determine the account payable balances at March 31, 2022. Accounts Payable $ Save for Later Last saved 36 seconds ago. Attempts: 0 of 1 used Submit Answe