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Gibson is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follows. All items are
Gibson 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. September $ 18,200 Salary expense Supplies expense Depreciation on store equipment Sales commissions (4 percent of sales) Utilities Rent July $ 18,200 3,600 August $ 18,200 3,600 3,600 360 390 420 1,200 1,200 1,200 2,300 2,300 2,300 7,000 7,000 7,000 Miscellaneous 780 780 780 Total S&A expenses before interest $ 33,440 $ 33,470 $ 33,500 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. in the tabs below. 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 es Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for Selling and Admin Expenses July August September Total payments for S&A expenses $ 0 $ 0 $ 0 Reg A Req B and C > July Salary expense Sales commissions (4 percent of sales) Supplies expense Utilities Depreciation on store equipment Rent Miscellaneous $ 18,200 August 18,200 September $ 18,200 3,600 3,600 3,600 360 390 420 1,200 1,200 1,200 2,300 2,300 2,300 7,000 7,000 7,000 780 780 780 Total S&A expenses before interest $ 33,440 $ 33,470 $ 33,500 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 c. Sales commissions payable < Req A Req B and C
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