Campbell is a retail company specializing in men's hats. Its budget director prepared the list of...
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Campbell 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. July $18,500 August September $18,500 $18,500 Salary expense Sales commissions (4 percent of sales) 2,000 Supplies expense 2,000 300 2,000 330 270 Utilities 1,400 1,400 1,400 Depreciation on store equipment 2,100 2,100 2,100 Rent 7,100 7,100 7,100 Miscellaneous 770 770 770 Total S&A expenses before interest $32,140 $32,170 $32, 200 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. Complete this question by entering your answers in the tabs below. Req A Reg B and C Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for S&A Expenses July August September Total payments for S&A expenses 0 $ < Req A 0 $ 0 $ Req B and C > Complete this question by entering your answers in the tabs below. Req A Req B and C Determine the amount of utilities payable and sales commissions payable as of September 30. b. Utilities payable c. Sales commissions payable < Req A Req B and C > Campbell 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. July $18,500 August September $18,500 $18,500 Salary expense Sales commissions (4 percent of sales) 2,000 Supplies expense 2,000 300 2,000 330 270 Utilities 1,400 1,400 1,400 Depreciation on store equipment 2,100 2,100 2,100 Rent 7,100 7,100 7,100 Miscellaneous 770 770 770 Total S&A expenses before interest $32,140 $32,170 $32, 200 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. Complete this question by entering your answers in the tabs below. Req A Reg B and C Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for S&A Expenses July August September Total payments for S&A expenses 0 $ < Req A 0 $ 0 $ Req B and C > Complete this question by entering your answers in the tabs below. Req A Req B and C Determine the amount of utilities payable and sales commissions payable as of September 30. b. Utilities payable c. Sales commissions payable < Req A Req B and C >
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Req A Schedule of cash payments July August September Salaries 18500 ... View the full answer
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-1259569197
8th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Olds
Posted Date:
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