Depreciation, insurance, and property taxes represent $33,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. 70% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. SafeMark Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses: Paid in May Total cash payments

Depreciation, insurance, and property taxes represent $33,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. 70% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. SafeMark Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses: Paid in May Total cash payments

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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Assume a manufacturing company,s estimated sales for january,febuar and march are 1,00,000 , 1,20,000 , 1,10,000 respectively.the cost of goods sold is always 40 % of its sales.the company always maintains ending merchandise inventory equal to 10%of next motn cost of goods sold.it pays for 25% of its merchandise purchase in the month of the purchase and remaining 75%in the subsequent month .What is the account payable balance at the end of febuary? please proper explantion thnx
Schedule of Cash Payments for a Service Company Oakwood Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $59,600 April 66,400 May 72,300 Depreciation, insurance, and property taxes represent $7,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. Sixty percent of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. Oakwood Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid in March $fill in the blank 1 Paid in April $fill in the blank 2…
Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June Manufacturing costs* $156,300 $192,700 $213,400 Insurance expense*: 970 970 970 Depreciation expense 1,820 1,820 1,820 Property tax expense*** 540 540 540 Of the manufacturing costs, three-fourths are paid for in the month they are incurred; one-fourth is paid in the following month. **Insurance expense is $970 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. The cash payments expected for Finch Company in the month of April are a. $120,135 b. $117,225 c. $138,218 d. $156,300
Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June $155,600 $192,800 $213,600 Manufacturing costs* Insurance expense** 880 Depreciation expense 2,180 Property tax expense*** 590 *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 $880 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. 880 2,180 590 880 2,180 590 The cash payments expected for Finch Company in the month of May are O a. $183,500 O b. $144,600 Oc. $38,900 O d. $222,400
A company budgets the following merchandising purchases: April: $70.000; May $90,000, June: $60,000. All purchases are on account and the company pays 25% of purchases in the month of the purchase and the remaining amount in the following month. Cash disbursements for June for merchandise is $
Jenny Inc. has the following projected costs for the second quarter of 20YY: Projected Costs Expenses April May June Selling and marketing expenses (i) $200,000 $250,000 $300,000 Office insurance expense (ii) 800 800 800 Office depreciation expense 500 500 500 Property tax expense (iii) 700 700 700 Jenny’s payment policy for selling and administrative expenses is as follows: Of the selling and marketing expenses, 50% is paid in the month they are incurred; the remaining 50% to be paid in the following month. The selling and admin expense payable at the end of March was $70,000, which represents 50% of March’s selling expenses. Insurance expense is $800 a month; however, the insurance is paid quarterly in the first month of each quarter, (i.e., in January, April, July, and October). Property taxes are paid once a year in December. The projected total selling and admin expenses for April are: Group of answer choices None of the above $172,400 $202,000 $204,400
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The production planner of a company forecasts the sales over the next six months as 180, 220 , 210, 190, 170, and 210 units, respectively. The beginning inventory is 100 units and the last monthly production level was 130 units. The unit costs are given as follows: Inventory holding cost is 90 TL per unit per month; production cost is 1150 TL per unit; production level increasing cost is 300 TL per unit; and production level decreasing cost is 400 TL per unit. The planner decides to use level strategy, where the monthly production level is determined equal to the average of net demand. What is the total cost (in TL) of the resulting plan? O a 1,246,350 O b. 1,347,450 O c. 1,412,850 O d. 1,391,100 O e. 1,278,600
What are the total units required for production for the month of fe
Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: May $198,000 April $156,000 a. $49,500 b. $252,000 c. $202,500 d. $153,000 Manufacturing costs* Insurance expense** Depreciation expense Property tax expense*** *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 $900 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. The cash payments for Finch Company expected in the month of June are 900 1,850 500 900 1,850 June 500 $204,000 900 1,850 500 Previous Next
Subject: acounting