Exercise $7-11$A $($Algo$)$ Preparing a schedule of cash payments for selling and administrative expenses LO

$7-4$

The budget director for Franklin Cleaning Services prepared the following list of expected selling and administrative

expenses. All expenses requiring cash payments are paid for in the month incurred except salary expense and

insurance. Salary is paid in the month following the month in which it is incurred. The insurance premium for six months

is paid on October $1.$ October is the first month of operations; accordingly, there are no beginning account balances.

Required

a$.$ Complete the schedule of cash payments for S&A expenses by filling in the missing amounts.

b$.$ Determine the amount of salaries payable the company will report on its pro forma balance sheet at the end of the

fourth quarter.

c$.$ Determine the amount of prepaid insurance the company will report on its pro forma balance sheet at the end of the

fourth quarter.

Complete this question by entering your answers in the tabs below.

Complete the schedule of cash payments for S&A expenses by filling in the missing

amounts.