User Account

All Pages

Prepare the schedules for each month in the first quarter

Assignment Help Financial Accounting
Reference no: EM131133079

Exercise

Green Landscaping Inc. is preparing its budget for the first quarter of 2017. 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 month after, and 10% the second month after receiving service.

Actual service revenue for 2016 and expected service revenues for 2017 are November 2016, $80,000; December 2016, $90,000; January 2017, $100,000; February 2017, $120,000; March 2017, $140,000.

Purchases of landscaping supplies (direct materials) are paid 60% in the month of purchase and 40% the following month. Actual purchases for 2016 and expected purchases for 2017 are December 2016, $14,000; January 2017, $12,000; February 2017, $15,000; March 2017, $18,000.

(a) Prepare the following schedules for each month in the first quarter of 2017 and for the quarter in total:

(1) Expected collections from clients.

(2) Expected payments for landscaping supplies.

(b) Determine the following balances at March 31, 2017.

Reference no: EM131133079

Questions Cloud

In a large microelectronics plant : In a large microelectronics plant, the assembly cell for circuit boards has a demand for 200 units an hour. Two feeder cells supply parts A and B to the assembly cell (one A and one B for each board). Standard containers that look like divided tra..
Discuss the overall impact of industrialization : Discuss the overall impact of industrialization-- was it a unifying force or one of contention - In your answer, provide specific examples of technological, social, and economic change.
Story of venetians and the fall of constantinople in 1204 : The Fourth Crusade assimilated the wealth of Constantinople and hastened to divide between them the lands of the Roman Empire in the East. The story of the crusades is that of ambition, greed and downfall.
Describe the hierarchy of the federal court system : Describe the hierarchy of the federal court system of the United States and its subject matter jurisdictions. Discuss two (2) methods that allow for a case to be heard in federal court. Provide specific examples of cases heard within the federal c..
Prepare the schedules for each month in the first quarter : Prepare the following schedules for each month in the first quarter of 2017 and for the quarter in total: Expected collections from clients. Expected payments for landscaping supplies.
What are rountrees argument and significance : In Pocahontas, Powhatan, Opechancanough, written by Helen C Rountree, what are Rountree's argument and significance?
Which measures juma takes to succeed at every level profit : which measures should he take to ensure that he uses the whole amount to investment as an upcoming entreprenuer without failing but succeed at every level profit?
How often do try to resist biases toward your own point view : What's interesting or helpful about this view? What would I notice if I believed this view? In what sense or under what conditions might this idea be true?"
Complete the statement in good format : Here are the first few lines of the segmented income statement to help you get started. Complete the statement in good format and make sure you allocate the fixed costs to the two products.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Timbers stock acquisition

On January 1, 2014, The Timber Company acquired a 12% interest in the Twig Corporation through the purchase of 72,000 shares of Twigs common stock, paying $422,000. During 2014, Twig paid $28,000 in total dividends and reported net income of $95,675...

  Total bond value does the repayment of principal represent

Barry’s Steroids Company has $1,000 par value bonds outstanding at 14 percent interest. The bonds will mature in 40 years. If the percent yield to maturity is 12 percent, what percent of the total bond value does the repayment of principal represent?

  Definitions of manufacturing concepts

Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended.

  Compute the payback period on the oven and equipment

Compute the payback period on the oven and equipment - investment with a payback period of less than five years, will he acquire the franchise?

  Create eliminations for consolidation due transaction

On their separate 2006 income statements, Payton and Starker reported depreciation expense of $84,000 and $60,000, respectively. Create eliminations for consolidation due to the following transaction for 2006 and 2009.

  What factors do you consider would make comparisons

Which areas of expenditure do you consider worthy of investigation for each one? What factors do you consider would make comparisons between such institutions difficult or meaningless?

  Describe the importance of data driven fraud detection

Describe the importance of data driven fraud detection, including the difference between accounting anomalies and fraud.

  Purpose of the at risk and passive activity loss rules

Explain in your own words the purpose of the at risk and passive activity loss rules. Why were they enacted and what types of activities are they intended to limit/prevent? Give me an example of a situation where a taxpayer would have a loss that is ..

  Market rate of interest at the date of issuance

On Jan 1, 2014, a company issued 10-year,10% bonds payable with par value of $500,000 and received $442,647 in cash proceeds. The market rate of interest at the date of issuance was 12%. The bonds pay interest semiannually on July and Jan 1. The issu..

  How would the deposit be reported in the financial statement

Prepare the entry by Billy Pilgrim to record the delivery of 125 units during 2012. How would the deposit be reported in the financial statements at the end of 2012?

  Plot the monthly data and the regression lines

Plot the monthly data and the regression lines for each of the following cost functions: Manufacturing overhead costs = a + (b x Machine-hours) and Manufacturing overhead costs = a + (b x Number of batches).

  Actions to raise rooms rates was based economics-accounting

A few years ago, marriott international, the large hotel chair, announced that because occupancy rates had declined during the previous quarter, it was raising room rates to cover the cost of increase in vacant rooms. did the journalist mean that vac..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd