Budgeted Selling and Administrative ExpensesSalary ExpenseSales Commissions 5% of SalesInsurance ExpenseRentDepreciation on equipmentUtilitiesTotal Operating ExpensesSchedule of Cash Payments for Selling andAdministrative ExpensesSalary Expense100% of Prior Month Sales CommissionsInsurance ExpenseOctober November DecemberMultiple Choice30,000 30,50015,000 15,50012,000 12,00014,400 14,40016,500 16,5002,1002,30090,00091, 200?15,10012,000?2,200?30,500?12,000???Rent100% of Prior Months Utilities ExpenseTotal Payments for Selling and Administrative ExpensesThe amount of cash paid for Selling and Administrative expenses during the month of November is:31,00015,30012,00014,40016,5002,50091,700??12,00014,400?

Workings :- 1) Calculation of sales commissions paid in November :- 100% of sales commissions during…

Budgeted Selling and Administrative Expenses Salary Expense Sales Commissions 5% of Sales Insurance Expense Rent Depreciation on equipment Utilities Total Operating Expenses Schedule of Cash Payments for Selling and Administrative Expenses Salary Expense 100% of Prior Month Sales Commissions Insurance Expense October November Multiple Choice 30,000 30,500 15,000 15,500 12,000 12,000 14,400 14,400 16,500 16,500 2,100 2,300 90,000 91,200 ? 15,100 12,000 ? 2,200 ? 30,500 ? 12,000 Rent 100% of Prior Months Utilities Expense Total Payments for Selling and Administrative Expenses The amount of cash paid for Selling and Administrative expenses during the month of November is: ? ? > December 31,000 15,300 12,000 14,400 16,500 2,500 91,700 ? ? 12,000 14,400 ? ?

Budgeted Selling and Administrative Expenses Salary Expense Sales Commissions 5% of Sales Insurance Expense Rent Depreciation on equipment Utilities Total Operating Expenses Schedule of Cash Payments for Selling and Administrative Expenses Salary Expense 100% of Prior Month Sales Commissions Insurance Expense October November Multiple Choice 30,000 30,500 15,000 15,500 12,000 12,000 14,400 14,400 16,500 16,500 2,100 2,300 90,000 91,200 ? 15,100 12,000 ? 2,200 ? 30,500 ? 12,000 Rent 100% of Prior Months Utilities Expense Total Payments for Selling and Administrative Expenses The amount of cash paid for Selling and Administrative expenses during the month of November is: ? ? > December 31,000 15,300 12,000 14,400 16,500 2,500 91,700 ? ? 12,000 14,400 ? ?

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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C-Cubed had the following information from the end of last year for its Mountain Bikes: Budgeted Bike Sales for October Budgeted Bike Sales for November Budgeted Bike Sales for December Desired Ending Finished Goods Inventory Cash Collected from Sales in November Cash Available on November 1 115 bikes 120 bikes 100 bikes 15% of the following month's unit sales $40,000 $5,000 $25,000 Cash Disbursements in November Interest Received During November Loan Payments Made During November The selling price for the Mountain Bikes is $750. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 20% in the month of sale, 30% in the month following the sale, $500 $8,000 and 50% in the second month following the sale. What is the budgeted accounts receivable balance at the end of December? Multiple Choice $52,500 $97,500 $60,000 $105,000
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October November December Budgeted S&A Expenses Salary Expense 10,000 10,500 11,000 Sales Commissions 5% of Sales. 5,300 5,000 5,500 2,000 Insurance Expense 2,000 2,000 Rent 2,400 2,400 2,400 1,500 1,500 1,500 Depreciation on equipment Utilities 1,100 1,300 1,500 Total Operating Expenses 22,000 23, 200 23,700 Schedule of Cash Payments for S&A Expenses Salary Expense ? 10,500 ? 100% of Prior Month Sales 5,100 ? ? Commissions Insurance Expense 2,000 2,000 ? 2,000 2,400 Rent ? 100% of Prior Months Utilities 1,200 ? ? Expense Total Payments for S&A Expenses ? ? ? What is the total amount of S&A expenses for the fourth quarter that the company will report on its pro forma income statement? Multiple Choice $64,400 $68,900 $23,700 $63,900
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