Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Rundle is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follows. All items are

image text in transcribed

Rundle 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 Supplies expense $17,600 July August $17,600 September $17,600 Sales commissions (4 percent of sales) 2,100 2,100 2,100 340 370 400 Utilities 1,600 1,600 1,600 Depreciation on store equipment 3,700 3,700 3,700 Rent 6,700 6,700 6,700 Miscellaneous 740 740 740 Total S&A expenses before interest $32,780 $32,810 $32,840 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 Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for S&A Expenses Salary expense Sales commissions Supplies expense Utilities Rent July August September $ 17,600 $ 17,600 $ 17,600 0 2,100 2,100 340 370 400 6,700 6,700 6,700 Total payments for S&A expenses $ 24,640 $ 26,770 $ 26,800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

26th edition

128574361X, 978-1305446052, 1305446054, 978-1285743615

More Books

Students also viewed these Accounting questions

Question

What type of validator would you use to compare correct login text?

Answered: 1 week ago

Question

Una sociedad tiene una vida limitada. Verdadero Falso

Answered: 1 week ago

Question

How are those around you dealing with your situation?

Answered: 1 week ago

Question

How do you deal with them?

Answered: 1 week ago

Question

What exactly does this blockade look like?

Answered: 1 week ago