Finch 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 isthe first month of operations, so there are no beginning account balances.July$18,4003,300August$18,4003,300September$18,4003,300Salary expenseSales commissions (4 percent of sales)Supplies expenseUtilities3704004302,2002,2002,2004,0004,0006,700Depreciation on store equipment4,0006,700Rent6,700Miscellaneous610610610Total S&A expenses before interest$35,580$35,610$35,640Requireda. 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 AReq B and CPrepare a schedule of cash payments for selling and administrative expenses.Schedule of Cash Payments for S&A ExpensesJulyAugustSeptemberTotal payments for S&A expenses$$$< Req AReq B and C >

Sales commission is a fixed percentage of total sales, being paid to the sales executive on…

Finch 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. July $18,400 3,300 August $18,400 3,300 400 2,200 4,000 6,700 610 September $18,400 Salary expense Sales commissions (4 percent of sales) Supplies expense Utilities 3,300 430 370 2,200 4,000 6,700 610 2,200 4,000 6,700 610 Depreciation on store equipment Rent Miscellaneous Total S&A expenses before interest $35,580 $35,610 $35,640 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.

Finch 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. July $18,400 3,300 August $18,400 3,300 400 2,200 4,000 6,700 610 September $18,400 Salary expense Sales commissions (4 percent of sales) Supplies expense Utilities 3,300 430 370 2,200 4,000 6,700 610 2,200 4,000 6,700 610 Depreciation on store equipment Rent Miscellaneous Total S&A expenses before interest $35,580 $35,610 $35,640 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.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter4: Financial Planning And Forecasting

Section: Chapter Questions

Problem 5P

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