E22-28 (similar to) Question Help Elwood Company has the following projected costs for manufacturing and selling and administrative expenses: EClick the icon to view the projected costs.) 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 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 Elwood for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payab as of March 31. (If a box is not used in the table leave the box empty, do not enter a zero.) Total January February March Cash Payments Direct Materials: Accounts Payable balance, January 1 January-Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials Direct Labor: Total payments for direct labor Enter any number in the edit fields and then click Check Answer parts remaining Clear All Check Answer for manufacturing and selling and administrative expenses ~red aterials, which are paid in th anuary 2. The Accounts Paya February, and March. Deter ve the box empty, do not en Paya Data Table January Jan Feb. Mar. Direct materials purchases $ 3,600 $ 4,000 $ 4,500 Direct labor costs 3,400 3,300 4,500 Depreciation on plant 900 900 900 Utilities for plant 650 650 650 Property taxes on plant 100 100 100 Depreciation on office 150 150 150 550 Utilities for office 550 550 180 Property taxes on office 180 180 Office salaries 5,000 5,000 5,000 Done Print Check Answer. >