10Walton is a retail company specializing in men's hats. Its budget director prepared the list of expected operatingexpenses that follows. All items are paid when incurred except sales commissions and utilities, which are paid in themonth following their incurrence. July is the first month of operations, so there are no beginning account balances.Salary expenseSales commissions (4)percent of sales)Supplies expenseUtilitiesDepreciation on storeequipmentRentMiscellaneousTotal S&A expensesbefore interestJuly$18,8003,0002602,3002,5002,5006,300 6,300620620$33,780 $33,810$18, 800August September$18,8003,0003,0002903202,3002,3002,5006,300620$33,840Requireda. Prepare a schedule of cash payments for selling and administrative expenses.b. Determine the amount of utilities payable as of September 30.c. Determine the amount of sales commissions payable as of September 30.Complete this question by entering your answers in the tabs below.Total payments for S&A expensesReq AReq Band CPrepare a schedule of cash payments for selling and administrative expenses.Schedule of Cash Payments for S&A ExpensesJuly August September$< Req A0 $0 $Req B and C >

Cash Payment Schedule :— It is the schedule prepared to estimate the payment of expenses during the…

10 Walton is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follows. All items are paid when incurred except sales commissions and utilities, which are paid in the month following their incurrence. July is the first month of operations, so there are no beginning account balances. Salary expense Sales commissions (4) percent of sales) Supplies expense Utilities Depreciation on store equipment Rent Miscellaneous Total S&A expenses before interest July $18,800 3,000 260 2,300 $18, 800 August September $18,800 3,000 3,000 290 320 2,300 2,300 2,500 6,300 620 $33,840 2,500 2,500 6,300 6,300 620 620 $33,780 $33,810 Required a. Prepare a schedule of cash payments for selling and administrative expenses. b. Determine the amount of utilities payable as of September 30. c. Determine the amount of sales commissions payable as of September 30. Total payments for S&A expenses Complete this question by entering your answers in the tabs below. Req A Req B and C Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for S&A Expenses July August September $ 0 $ < Req A 0 $ Req B and C >

10 Walton is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follows. All items are paid when incurred except sales commissions and utilities, which are paid in the month following their incurrence. July is the first month of operations, so there are no beginning account balances. Salary expense Sales commissions (4) percent of sales) Supplies expense Utilities Depreciation on store equipment Rent Miscellaneous Total S&A expenses before interest July $18,800 3,000 260 2,300 $18, 800 August September $18,800 3,000 3,000 290 320 2,300 2,300 2,500 6,300 620 $33,840 2,500 2,500 6,300 6,300 620 620 $33,780 $33,810 Required a. Prepare a schedule of cash payments for selling and administrative expenses. b. Determine the amount of utilities payable as of September 30. c. Determine the amount of sales commissions payable as of September 30. Total payments for S&A expenses Complete this question by entering your answers in the tabs below. Req A Req B and C Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for S&A Expenses July August September $ 0 $ < Req A 0 $ Req B and C >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Rundle is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follows. All items are paid when incurred except sales commissions and utilities, which are paid in the month following their incurrence. July is the first month of operations, so there are no beginning account balances. Salary expense Sales commissions (4 percent of sales) Supplies expense Utilities Depreciation on store equipment Rent Miscellaneous Total S&A expenses before interest Total payments for S&A expenses July $ 17,700 3,300 280 1,400 2,900 6,000 680 $ 32,260 Complete this question by entering your answers in the tabs below. $ Required a. Prepare a schedule of cash payments for selling and administrative expenses. b. Determine the amount of utilities payable as of September 30. c. Determine the amount of sales commissions payable as of September 30. Req A Req B and C Prepare a schedule of cash payments for selling and administrative expenses.…
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Knowledge Check 01 For the budget period ending December 31 of the current year, Aaron Corporation estimates its ending balances for cash as $4,000, accounts receivable as $16,000, finished goods Inventory as $12,000, and raw materials Inventory as $8,000. Invoices relating to raw materials in the amount of $14,000 are expected to be unpaid as of December 31. What is the amount of total current assets that will be reported on the budgeted balance sheet? O $20,000 O $26.000 O $32,000 O $40,000
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Required: Prepare Shadee's budgeted income statement for the months of May and June. Note: Do not round your intermediate calculations. Round your answers to 2 decimal places. Budgeted Gross Margin SHADEE CORPORATION Budgeted Income Statement Budgeted Net Operating Income May June
Accounting Consider the following third-quarter budget data for TAP & Brothers: TAP & Brothers Third-Quarter Budget Data July August September Credit Sales 256,167 262,962 282,872 Credit Purchases 97,465 111,565 137,292 Wages, Taxes, and Expenses 26,506 31,621 33,707 Interest 7,239 7,773 8,091 Equipment Purchases 54,832 61,271 0 The company predicts that 4% of its credit sales will never be collected, 30% of its sales will be collected in the month of the sale, and the remaining 66% will be collected in the following month. Credit purchases will be paid in the month following the purchase. In June, credit sales were $138,282, and credit purchases were $102,770 July’s beginning cash is $184,797 If TAP maintains a policy of always keeping a minimum cash balance of $75,000 as a buffer against uncertainty and forecasting errors, what is the cash surplus/deficit at the end of the quarter (i.e., end of…
Subject: acounting
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