Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Finch is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follow 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 follow All items are paid when incurred except sales commissions and utilities, which are paid in the month following their incurrence. July the first month of operations, so there are no beginning account balances. Salary expense Sales commissions (4 percent of sales) Supplies expense Utilities Depreciation on store equipment Rent Miscellaneous Total S&A expenses before interest Req A July $ 17,300 2,600 340 2,800 3,900 6,500 710 $ 34,150 Complete this question by entering your answers in the tabs below. Req B and C 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. August $ 17,300 2,600 370 2,800 3,900 6,500 710 $ 34,180 Salary expense Sales commissions Supplies expense Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for Selling and Admin Expenses July September $ 17,300 2,600 400 August September 2,800 3,900 6,500 710 $ 34,210
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started