E22-27 Preparinga financial budget-schedule of cash payments Marcel Company has the following projected costs for manufacturing and selling and administrative expenses: January eoruar March $3,500 $4,800 $3,100 Direct materials purchases Direct labor costs Depreciation on plant 3.300 3.500 3,600 550 550 550 650 650 650 Utilities for plant 200 200 Property taxes on plant Depreciation on office Utilities for office 200 550 550 550 250 250 250 170 170 Property tases on office Office salaries 170 3,500 3,500 3,500 All costs are paid in month incurred except: direct materials, which are 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 Marcel for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. paid in the month following the purchase; utilities, 7 8 Schedule of Cash Payments Cash Payments Direct Materials: Accounts Payable balance, January 1 January-Direct materials purchases paid in Feb. February-Direct materials purchases paid in Mar Total pavments for direct materials Total January February March 20 21 HW He 22 23 24 25 Total January February March Schedule of Cash Payments Cash Payments Darect Materials Accounts Payable balance, January 1 January-Direct materials purchases paid in Feb. February-Direct materials purchases paid in Mar Total payments for direct materials HW Help: You should enter data in the "white" cells. Direct Labor January-Direct labor paid in January February-Direct labor pasid in February March-Direct labor paid in March Total payments for direct laber Manufacturing Overhead January Utidities for plant paid in February February-Utilities for plant paid in March Year-Property taxes on plant prepaid on Jan 2 Total payments for manufacturing overhead Sellang and Administrative Expenses January-Utilities for office paid in February February-Utilities for office paid in March H E D Jan. 2 Total payments for manufacturing overhead Selling and Administrative Expenses January-Utilities for office paid in February February-Utilities for office paid in March Year-Property taxes on office prepaid on Jan. 2 January-Office salaries paid in January February Office salaries paid in February March-Office salaries paid in March Total payments for S&A expenses Total cash payments March 31 balance sheet balances: Prepaid Property Taxes - $3,330 Plant $2,400 x 9/12 $1,800 Office: $2,040 x 9/12 = $1,530 Accounts Payable - $4,800 March direct materials purchases paid in April Utilities Payable-$900 Plant March utilities paid in April- $650 Office: March utilities paid in April-$250