Munoz is a retail company specializing in men's hats. Its budget director prepared the list of...
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Munoz 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) July $ 18,000 2,600 August $ 18,000 2,600 September $ 18,000 2,600 Supplies expense 350 380 410 Utilities Rent Miscellaneous 2,000 2,000 2,000 Depreciation on store equipment 2,400 2,400 2,400 6,700 6,700 6,700 650 650 650 Total S&A expenses before interest $ 32,700 $ 32,730 $ 32,760 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 Req B and C Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for Selling and July August September Admin Expenses Salary expense Miscellaneous Rent Sales commissions Utilities Supplies expense Total payments for S&A expenses $ 0 $ 0 $ 0 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 Munoz 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) July $ 18,000 2,600 August $ 18,000 2,600 September $ 18,000 2,600 Supplies expense 350 380 410 Utilities Rent Miscellaneous 2,000 2,000 2,000 Depreciation on store equipment 2,400 2,400 2,400 6,700 6,700 6,700 650 650 650 Total S&A expenses before interest $ 32,700 $ 32,730 $ 32,760 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 Req B and C Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for Selling and July August September Admin Expenses Salary expense Miscellaneous Rent Sales commissions Utilities Supplies expense Total payments for S&A expenses $ 0 $ 0 $ 0 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
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