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Finch is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follows All items are paid
Finch is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follows All items are paid 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 Salary expense Sales commissions (4 percent of sales) $18,000 2,500 August $18,000 2,500 September $18,000 2,500 Supplies expense 260 290 320 Utilities Rent 2,900 2,900 2,900 Depreciation on store equipment 2,400 2,400 2,400 6,000 6,000 6,000 Miscellaneous 740 740 740 Total S&A expenses before Interest $33,600 $33,630 $33,660 Required 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 Determine the amount of utilities payable and sales commissions payable as of September 30. b. Utilities payable Sales commissions payable 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 Req B and C >
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