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Carmen Company has the following projected costs for manufacturing and selling and administrative expenses: All costs are paid in month incurred except: direct materials, which
Carmen Company has the following projected costs for manufacturing and selling and administrative expenses: All costs are paid in month incurred except: direct materials, which are paid in the month following the purchase: utilities, which are paid in the month after incurred: and property taxes, which are prepaid for the year on January 2. The Accounts Payable and Utilities Payable accounts have a zero balance on January 1. Prepare a schedule of cash payments for Carmen for January, February, and March. Determine the balances in Prepaid Property Taxes. Accounts Payable, and Utilities Payable as of March 31. (If a box is not used in the table leave the box empty; do not enter a zero.)
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