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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