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Perez 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
Perez 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. Salary expense Sales commissions (4 percent of sales) Supplies expense Utilities $17,700 July August September $17,700 $17,700 2,200 2,200 2,200 350 380 410 2,300 2,300 2,300 3,000 3,000 3,000 6,900 6,900 6,900 Miscellaneous 640 640 640 Total S&A expenses before interest $33,090 $33,120 $33,150 Depreciation on store equipment Rent 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 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 A Req B and C > 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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