**Operating Expenses Analysis for Rundle, a Retail Company Specializing in Men's Hats**Rundle is a retail company specializing in men's hats. Below is a detailed analysis of its expected operating expenses for the months of July, August, and September. All expenses are paid when incurred, except sales commissions and utilities, which are paid in the month following their incurrence. July is the first month of operations, therefore there are no beginning account balances.### Operating Expenses Overview- **Salary Expense** - July: $17,780 - August: $17,780 - September: $17,780- **Sales Commissions (4% of Sales)** - July: $1,300 - August: $1,300 - September: $1,300- **Supplies Expense** - July: $2,980 - August: $340 - September: $340- **Utilities** - July: $480 - August: $1,480 - September: $1,480- **Depreciation on Store Equipment** - July: $2,980 - August: $2,980 - September: $2,980- **Rent** - July: $6,980 - August: $6,980 - September: $6,980- **Miscellaneous** - July: $680 - August: $680 - September: $680- **Total S&A Expenses Before Interest** - July: $32,260 - August: $32,290 - September: $32,320### Requirements1. **Prepare a schedule of cash payments for selling and administrative expenses.**2. **Determine the amount of utilities payable as of September 30.**3. **Determine the amount of sales commissions payable as of September 30.**### Schedule of Cash Payments for Selling and Administrative ExpensesThe provided table has three columns indicating the months July, August, and September, with rows corresponding to each expense category. The students are expected to fill out the schedule based on the timing of expense payments.### Additional Details- **Graphical Element Explanation:** This document includes a table to be filled in by students for understanding cash payments over the three-month period.- All rows and cells currently contain empty spaces, signifying

Sales commission is a fixed percentage of total sales which is paid to the sales executive upon…

Rundle is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follows. All items are paid when incurred except sales commissions and utilities, which are paid in the month following their incurrence. July is the first month of operations, so there are no beginning account balances. Salary expense Sales commissions (4 percent of sales) Supplies expense Utilities Depreciation on store equipment Rent Miscellaneous Total S&A expenses before interest Req A July $ 17,700 3,300 280 1,400 2,900 6,000 680 $ 32,260 Total payments for S&A expenses Complete this question by entering your answers in the tabs below. $ August $ 17,700 3,300 310 Required a. Prepare a schedule of cash payments for selling and administrative expenses. b. Determine the amount of utilities payable as of September 30. c. Determine the amount of sales commissions payable as of September 30. Req B and C Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for Selling and Admin Expenses July 1,400 2,900 6,000 $ 32,290 0 $ August September September $ 17,700 3,300 340 0 $ 1,400 2,900 6,000 680 $ 32,320 0 Req B and C >

Rundle is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follows. All items are paid when incurred except sales commissions and utilities, which are paid in the month following their incurrence. July is the first month of operations, so there are no beginning account balances. Salary expense Sales commissions (4 percent of sales) Supplies expense Utilities Depreciation on store equipment Rent Miscellaneous Total S&A expenses before interest Req A July $ 17,700 3,300 280 1,400 2,900 6,000 680 $ 32,260 Total payments for S&A expenses Complete this question by entering your answers in the tabs below. $ August $ 17,700 3,300 310 Required a. Prepare a schedule of cash payments for selling and administrative expenses. b. Determine the amount of utilities payable as of September 30. c. Determine the amount of sales commissions payable as of September 30. Req B and C Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for Selling and Admin Expenses July 1,400 2,900 6,000 $ 32,290 0 $ August September September $ 17,700 3,300 340 0 $ 1,400 2,900 6,000 680 $ 32,320 0 Req B and C >

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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