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complete the schedule of cash payments for s a expenses by filling in the missing am 666914

Preparing a schedule of cash payments for selling and administrative expenses

The budget director for Lenoir Window Cleaning Services prepared the following list of expected operating 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.

October

November

December

Budgeted S&A Expenses

Equipment lease expense

$ 6,000

$ 6,000

$ 6,000

Salary expense

6,100

6,600

7,000

Cleaning supplies

2,800

2,730

3,066

Insurance expense

1,200

1,200

1,200

Depreciation on computer

1,800

1,800

1,800

Rent

1,700

1,700

1,700

Miscellaneous expenses

700

700

700

Total S&A expenses

$20,300

$20,730

$21,466

Schedule of Cash Payments for S&A Expenses

Equipment lease expense

?

?

?

Prior month’s salary expense, 100%

?

?

?

Cleaning supplies

?

?

?

Insurance premium

?

?

?

Depreciation on computer

?

?

?

Rent

?

?

?

Miscellaneous expenses

?

?

?

Total disbursements for S&A expenses

$18,400

$17,230

$18,066

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.

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