Acct301 week2

Week 2: Homework Saved Help Save 5 The budget director for Finch 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. 5 Required points 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. eBook Complete this question by entering your answers in the tabs below. Hint Reg A Req B and C Complete the schedule of cash payments for S&A expenses by filling in the missing amounts. Print October November December Budgeted S&A Expenses Equipment lease expense 5,900 $ 5.900 S 5,900 References Salary expense 5,500 6,000 8,400 Cleaning supplies 2.820 2,700 3,010 Insurance expense 1.500 1.500 1,50 Depreciation on computer 1.800 1.800 1.800 Rent 1,700 1,700 1.70 Miscellaneous expenses 720 720 720 Total operating expenses $ 19.040 5 20,320 5 21.030 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