**Marlin Company's Projected Costs for Manufacturing and Selling****Overview:**Marlin Company has outlined the following projected costs for manufacturing and associated selling and administrative expenses. This information assists in preparing the schedule of cash payments for January, February, and March.**Instructions:**Prepare a schedule of cash payments for Marlin for the first quarter of the year. Calculate the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. Assume operations started in January. Do not enter zeros for unused input fields.**Cash Payments Breakdown:****Direct Materials:**- Accounts Payable balance on January 1: [Input Field]- January — Direct material purchases paid in February: [Input Field]- February — Direct material purchases paid in March: [Input Field]**Total Payments for Direct Materials:**- January: [Input Field]- February: [Input Field]- March: [Input Field]- Total: [Input Field]**Direct Labor:**- Total Payments for Direct Labor: [Input Field per month]**Data Table Explanation:**The data table on the right provides detailed monthly breakdowns for various costs:- **Direct Materials Purchases:** - January: $3,900 - February: $4,100 - March: $4,400- **Direct Labor Costs:** - January: $3,000 - February: $3,400 - March: $3,700- **Depreciation on Plant:** Constant at $200 per month- **Utilities for Plant:** Constant at $950 per month- **Property Taxes on Plant:** Constant at $310 per month- **Depreciation on Office:** Constant at $450 per month- **Utilities for Office:** Constant at $320 per month- **Property Taxes on Office:** Constant at $150 per month- **Office Salaries:** Constant at $5,000 per month**Important Notes:**- All costs are paid in the month incurred, except for direct materials, which are paid in the month following the purchase.- Utilities are paid in the month after incurred.- Property taxes are prepaid for the year on January 2.- The Accounts Payable and Utilities Payable accounts start with a zero balance on January 1.

A schedule of cash payment is the schedule which is prepared with the purpose of recording the purchases made by the company. It is quite similar to the cash collection schedule. However, the cash collection schedule records the sales and it records the purchases.The schedule of cash payments is as follows: The formula snip is as follows:

Business

Accounting

(Click the icon to view the projected costs.) Prepare a schedule of cash payments for Marlin for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. (Assum the company started operations in January. If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments Direct Materials: Accounts Payable balance, January 1 January-Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials Direct Labor: Total payments for direct labor January February B March Total Data table Direct materials purchases Direct labor costs Depreciation on plant Utilities for plant Property taxes on plant Depreciation on office Utilities for office January February $ 3,900 $ 3,000 200 950 310 450 320 +CO 4,100 $ 3,400 200 950 310 450 320 160 March 4,400 3,700 200 950 310 450 320 150 I

(Click the icon to view the projected costs.) Prepare a schedule of cash payments for Marlin for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. (Assum the company started operations in January. If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments Direct Materials: Accounts Payable balance, January 1 January-Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials Direct Labor: Total payments for direct labor January February B March Total Data table Direct materials purchases Direct labor costs Depreciation on plant Utilities for plant Property taxes on plant Depreciation on office Utilities for office January February $ 3,900 $ 3,000 200 950 310 450 320 +CO 4,100 $ 3,400 200 950 310 450 320 160 March 4,400 3,700 200 950 310 450 320 150 I

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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