The budget director for Gibson Cleaning Services prepared the following list of expected selling and administrative expenses. All expenses requiring cash payments are paid for in the month incurred except salary expense and insurance. Salary is paid in the month following the month in which it is incurred. The insurance premium for six months is paid on October 1. October is the first month of operations, accordingly, there are no beginning account balances. Required a. Complete the schedule of cash payments for S&A expenses by filling in the missing amounts. b. Determine the amount of salaries payable the company will report on its pro forma balance sheet at the end of the fourth quarter. c. Determine the amount of prepaid insurance the company will report on its pro forma balance sheet at the end of the fourth quarter. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the schedule of cash payments for S&A expenses by filling in the missing amounts. October November December $ S 6,800 6,500 2,810 1,400 2,100 2,500 710 22,820 Budgeted S&A Expenses Equipment lease expense Salary expense Cleaning supplies Insurance expense Depreciation on computer Rent Miscellaneous expenses Total operating expenses Schedule of Cash Payments for S&A Expenses Equipment lease expense Prior month's salary expense, 100% Cleaning supplies Insurance premium Depreciation on computer Rent Miscellaneous expenses 6,800 7,000 2,710 1,400 2,100 2,500 710 23,220 6,800 7,400 3,090 1,400 2,100 2,500 710 24,000 $ $ $ Total disbursements for operating expenses $ 21,220 $ 19,220 $ 20,100 Reg A.. Reg B and C The budget director for Gibson Cleaning Services prepared the following list of expected selling and administrative expenses. All expenses requiring cash payments are paid for in the month incurred except salary expense and insurance. Salary is paid in the month following the month in which it is incurred. The insurance premium for six months is paid on October 1. October is the first month of operations, accordingly, there are no beginning account balances. Required a. Complete the schedule of cash payments for S&A expenses by filling in the missing amounts. b. Determine the amount of salaries payable the company will report on its pro forma balance sheet at the end of the fourth quarter. c. Determine the amount of prepaid insurance the company will report on its pro forma balance sheet at the end of the fourth quarter. Complete this question by entering your answers in the tabs below. Req A Req B and Determine the amount of salaries payable and prepaid insurance the company will report on its pro forma balance sheet at the end of the fourth quarter. b. Salaries payable C. Prepaid insurance The accountant for Finch's Dress Shop prepared the following cash budget. Finch's desires to maintain a cash cushion of $20,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 2 percent per month. Required a. Complete the cash budget by filling in the missing amounts. b. Determine the amount of net cash flows from operating activities Finch's will report on the third quarter pro forma statement of cash flows. c. Determine the amount of net cash flows from financing activities Finch's will report on the third quarter pro forma statement of cash flows. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the cash budget by filling in the missing amounts. (Any shortages or repayments should be indicated with a minus sign. Round your answers to the nearest whole dollar amount.) July August September $ 45,500 186,000 231,500 206,000 246,600 sno Cash Budget Section 1: Cash receipts Beginning cash balance Add cash receipts Total cash available Section 2: Cash payments For inventory purchases For S&A expenses For interest expense Total budgeted disbursements Section 3: Financing activities Surplus (shortage) Borrowing (repayments) Ending cash balance 168,526 57,500 143,230 63,560 177,152 64,432 226,026 5,4741 14,526 20,000 $ $ 20,000 $ 20,000 Req A Req B and C > The accountant for Finch's Dress Shop prepared the following cash budget. Finch's desires to maintain a cash cushion of $20,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 2 percent per month. Required a. Complete the cash budget by filling in the missing amounts. b. Determine the amount of net cash flows from operating activities Finch's will report on the third quarter pro forma statement of cash flows. c. Determine the amount of net cash flows from financing activities Finch's will report on the third quarter pro forma statement of cash flows. Complete this question by entering your answers in the tabs below. Req A Req B and C Determine the amount of net cash flows from both operating and financing activities Finch's will report on the third quarter pro forma statement of cash flows. (Round intermediate calculations and final answers to the nearest whole dollar amount.) Net cash (operating activities) Net cash (financing activities)
