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Mason Company has the following projected costs for manufacturing and selling and administrative expenses: (Click the icon to view the projected costs.) Prepare a schedule of cash payments for Mason for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. (Assume the company started ope January. If an input field is not used in the table leave the input field empty; do not enter a zero.) ←

Mason Company has the following projected costs for manufacturing and selling and administrative expenses: (Click the icon to view the projected costs.) Prepare a schedule of cash payments for Mason for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. (Assume the company started ope January. If an input field is not used in the table leave the input field empty; do not enter a zero.) ←

FINANCIAL ACCOUNTING
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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Mason Company has the following projected costs for manufacturing and selling and administrative expenses: (Click the icon to view the projected costs.) Prepare a schedule of cash payments for Mason for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. (Assume the company started operations 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 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 Property taxes on office Office salaries January February $ 3,900 $ 3,400 450 550 140 300 240 190 2,500 Print 4,200 $ 3,100 450 Done 550 140 300 240 190 2,500 March All costs are paid in month incurred except: direct materials, which are paid in the month following the purchase; utilities, which are paid in the month after incurred; and property taxes, which are prepaid for the year on January 2. The Accounts Payable and Utilities Payable accounts have a zero balance on January 1. - X 4,000 4,100 450 550 140 300 240 190 2,500
Transcribed Image Text:Mason Company has the following projected costs for manufacturing and selling and administrative expenses: (Click the icon to view the projected costs.) Prepare a schedule of cash payments for Mason for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. (Assume the company started operations 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 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 Property taxes on office Office salaries January February $ 3,900 $ 3,400 450 550 140 300 240 190 2,500 Print 4,200 $ 3,100 450 Done 550 140 300 240 190 2,500 March All costs are paid in month incurred except: direct materials, which are paid in the month following the purchase; utilities, which are paid in the month after incurred; and property taxes, which are prepaid for the year on January 2. The Accounts Payable and Utilities Payable accounts have a zero balance on January 1. - X 4,000 4,100 450 550 140 300 240 190 2,500
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