Marcy Steinmann and Company has prepared the following budgets for the first quarter of 2005:

Selling and administrative expenses are paid in the month incurred and purchases are paid in the month following the purchase. Purchases for December 2004 are \($10,500\). No equipment purchases or additional expenditures are made during the quarter.
Required: Prepare a cash payment schedule for the first quarter of 2005.

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Salaries and Wages Rent Depreciation Other Total Marcy Steinmann and Company Selling and Administrative Expense Budget For the Quarter Ended March 31, 2005 Jan Feb $1,700 $2,200 Mar $1,900 Total $ 5,800 300 300 300 900 200 200 200 600 900 1.200 1,000 3,100 $3,100 $3,900 $3,400 $10,400 Marcy Steinmann and Company Purchases Budget For the Quarter Ended March 31, 2005 Forecasted Unit Sales Jan 50 + Desired Ending Inventory 12 = Total Units Needed 62 Beginning Inventory = Units to Be Purchased Cost per Unit = Cost of Purchases (10) (12) 52 $ 220 $11,440 $13,640 $15,840 (14) Total 180 16 196 (10) 186 $ 220 $40,920