Rundle is a retail company specializing in men's hats. Its budget director prepared the list of...
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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 Req B and C July $ 17,600 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. Total payments for S&A expenses 2,700 330 Complete this question by entering your answers in the tabs below. $ 1,300 2,800 6,800 760 $ 32,290 July August $ 17,600 2,700 360 Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for Selling and Admin Expenses 1,300 2,800 6,800 760 $ 32,320 0 $ August September 0 $ September $ 17,600 2,700 390 0 1,300 2,800 6,800 760 $32,350 Determine the amount of utilities payable and sales commissions payable as of September 30. b. Utilities payable c. Sales commissions payable 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 Req B and C July $ 17,600 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. Total payments for S&A expenses 2,700 330 Complete this question by entering your answers in the tabs below. $ 1,300 2,800 6,800 760 $ 32,290 July August $ 17,600 2,700 360 Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for Selling and Admin Expenses 1,300 2,800 6,800 760 $ 32,320 0 $ August September 0 $ September $ 17,600 2,700 390 0 1,300 2,800 6,800 760 $32,350 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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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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