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Problem 14-19A (Static) Preparing a schedule of cash payments for selling and administrative expenses LO 14-4 Malcolm is a retail company specializing in men's
Problem 14-19A (Static) Preparing a schedule of cash payments for selling and administrative expenses LO 14-4 Malcolm 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 Depreciation on store equipment Rent July $12,000 August September $12,000 $12,000 1,000 1,000 1,000 180 195 210 550 550 550 1,500 1,500 1,500 3,300 3,300 3,300 Miscellaneous 345 345 345 Total S&A expenses before interest $18,875 $18,890 $18,905 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.
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