Virginia Jackson is opening Jackson Realty on January 2. For several weeks she has been busy putting together an operating budget for the first quarter of operation for her new business. Virginia has estimated her selling and administrative (S&A) costs as follows: Depreciation Marketing expenses Miscellaneous costs Rent expense Salary expense Sales commissions Utilities expense Total S&A cost before interest January $3,000 4,000 2,500 7,000 6,000 3,000 3,000 $28,500 February $3,000 3,400 2,400 7,000 10,000 3,200 2,800 $31,800 Required A Required B March $3,000 3,000 2,400 7,000 10,000 3,400 3,000 $31,800 All selling and administrative costs are paid when incurred except utilities, marketing expenses, and sales commissions. These items are paid in the month following the month incurred. Required: a. Prepare a schedule of cash payments for selling and administrative expenses for January through March. b. What liabilities, in what amounts, would be reported on the pro forma balance sheet as of March 31? Complete this question by entering your answers in the tabs below.

Virginia Jackson is opening Jackson Realty on January 2. For several weeks she has been busy putting together an operating budget for the first quarter of operation for her new business. Virginia has estimated her selling and administrative (S&A) costs as follows: Depreciation Marketing expenses Miscellaneous costs Rent expense Salary expense Sales commissions Utilities expense Total S&A cost before interest January $3,000 February March $3,000 $3,000 4,000 3,400 3,000 2,500 2,400 2,400 7,000 7,000 7,000 6,000 10,000 10,000 3,000 3,200 3,400 3,000- 2,800 3,000 $28,500 $31,800 $31,800 All selling and administrative costs are paid when incurred except utilities, marketing expenses, and sales commissions. These items are paid in the month following the month incurred. Required: a. Prepare a schedule of cash payments for selling and administrative expenses for January through March. b. What liabilities, in what amounts, would be reported on the pro forma balance sheet as of March 31? Complete this question by entering your answers in the tabs below. Required A Required B