April May June Manufacturing costs* $156,800 $195,200 $217,600 Insurance expense"* Depreciation expense 2,000 1,000 1,000 1,000 2,000 2,000 Property tax expense*** 500 500 500 *Of the manufacturing costs, three-fourths is paid for in the month they are incurred; one-fourth is paid in the following month. **Insurance expense is $1,000 a month; however, the insurance is paid four times yearly in the first month of the quarter (i.e., January, April, July, and October). ***Property tax is paid once a year in November.

April May June Manufacturing costs* $156,800 $195,200 $217,600 Insurance expense"* Depreciation expense 2,000 1,000 1,000 1,000 2,000 2,000 Property tax expense*** 500 500 500 Of the manufacturing costs, three-fourths is paid for in the month they are incurred; one-fourth is paid in the following month. Insurance expense is $1,000 a month; however, the insurance is paid four times yearly in the first month of the quarter (i.e., January, April, July, and October). Property tax is paid once a year in November.

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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