Maynard 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 Maynard 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 in January. If ainput field is not used in the table leave the input field empty; do not enter a zero.)Cash PaymentsDirect Materials:Accounts Payable balance, JanuaryJanuary Direct material purchases paid in FebruaryFebruary-Direct material purchases paid in MarchTotal payments for direct materialsDirect Labor:Total payments for direct laborManufacturing Overhead:Total payments for manufacturing overheadSelling and Administrative Expenses:JanuaryFebruaryMarchTotalData tableDirect materials purchasesDirect labor costsDepreciation on plantUtilities for plantProperty taxes on plantDepreciation on officeUtilities for officeProperty taxes on officeOffice salariesJanuary February$ 3,600 $2,700550Print4403503002401202,500MarchDone4,000 $4,0005504403503002401201202,500 2,5004,7004.500550All costs are paid in month incurred except: direct materials, whichare paid in the month following the purchase; utilities, which arepaid in the month after incurred; and property taxes, which areprepaid for the year on January 2. The Accounts Payable andUtilities Payable accounts have a zero balance on January 1.440350300240X DepreciationOffice salariesProperty taxes on officeProperty taxes on plantUtilities for officeUtilities for plantTotal payments for Selling and Admin. expensesTotal cash paymentsAcccount balances, March 31:Prepaid Property TaxesAccounts PayableUtilities Payable

Cash Payment of Direct Material Purchase :— It Means the cash paid for purchase of Direct Material…

Maynard 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 Maynard 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 in January. If a input field is not used in the table leave the input field empty; do not enter a zero.)

Maynard 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 Maynard 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 in January. If a input field is not used in the table leave the input field empty; do not enter a zero.)

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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