Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Determine the amount of utilities payable and sales commissions payable as of September 30. b. Utilities payable c. Sales commissions payable Thornton Is a retall

image text in transcribed

Determine the amount of utilities payable and sales commissions payable as of September 30.

b. Utilities payable
c. Sales commissions payable

Thornton Is a retall company speclallzing In men's hats. Its budget director prepared the list of expected operating expenses that follows. All tems are pald 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 July August September salary expense Sales commissions (4 percent of sales) Supplies expense Utilities Depreciation on store equipment Rent Miscellaneous Total S&A expenses before interest $18,3e0 $18,300 $18,30e 2,38e 33e 2, 380 278 2, 380 300 2,68e 2,180 6,3ee 2,68 2,68 2,180 6,3ee 71e $32,580 $32,61e $32,640 2,180 6,3ee 71e 71e Requirec 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 Complete this question by entering your answers in the tabs below Req A Req B and C Prepare a schedule of cash payments for selling and administrative expenses Schedule of Cash Payments for S&A Expenses July August September Total payments for S&A expenses

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started