Question
Schedule of Cash Payments Select Physical Therapy Inc. is planning its cash payments for operations for the third quarter (JulySeptember), 2017. The Accrued Expenses Payable
Schedule of Cash Payments
Select Physical Therapy Inc. is planning its cash payments for operations for the third quarter (JulySeptember), 2017. The Accrued Expenses Payable balance on July 1 is $32,300. The budgeted expenses for the next three months are as follows:
July | August | September | ||||
Salaries | $74,300 | $90,400 | $100,100 | |||
Utilities | 6,100 | 6,800 | 8,100 | |||
Other operating expenses | 56,500 | 61,600 | 67,800 | |||
Total | $136,900 | $158,800 | $176,000 |
Other operating expenses include $4,000 of monthly depreciation expense and $900 of monthly insurance expense that was prepaid for the year on March 1 of the current year. Of the remaining expenses, 70% are paid in the month in which they are incurred, with the remainder paid in the following month. The Accrued Expenses Payable balance on July 1 relates to the expenses incurred in June.
Prepare a schedule of cash payments for operations for July, August, and September.
Select Physical Therapy Inc. | |||
Schedule of Cash Payments for Operations | |||
For the Three Months Ending September 30, 2017 | |||
July | August | September | |
Payments of prior month's expense | $ | $ | $ |
Payments of current month's expense | |||
Total payment | $ | $ | $ |
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