Maynard Company has the following projected costs for manufacturing and selling and administrative expenses:(Click the icon to view the projected costs.)Prepare a schedule of cash payments for Maynard for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. (Assume the company started operations in January. If ainput field is not used in the table leave the input field empty; do not enter a zero.)Cash PaymentsDirect Materials:Accounts Payable balance, JanuaryJanuary Direct material purchases paid in FebruaryFebruary-Direct material purchases paid in MarchTotal payments for direct materialsDirect Labor:Total payments for direct laborManufacturing Overhead:Total payments for manufacturing overheadSelling and Administrative Expenses:JanuaryFebruaryMarchTotalData tableDirect materials purchasesDirect labor costsDepreciation on plantUtilities for plantProperty taxes on plantDepreciation on officeUtilities for officeProperty taxes on officeOffice salariesJanuary February$ 3,600 $2,700550Print4403503002401202,500MarchDone4,000 $4,0005504403503002401201202,500 2,5004,7004.500550All costs are paid in month incurred except: direct materials, whichare paid in the month following the purchase; utilities, which arepaid in the month after incurred; and property taxes, which areprepaid for the year on January 2. The Accounts Payable andUtilities Payable accounts have a zero balance on January 1.440350300240X DepreciationOffice salariesProperty taxes on officeProperty taxes on plantUtilities for officeUtilities for plantTotal payments for Selling and Admin. expensesTotal cash paymentsAcccount balances, March 31:Prepaid Property TaxesAccounts PayableUtilities Payable

Cash Payment of Direct Material Purchase :— It Means the cash paid for purchase of Direct Material…

Maynard Company has the following projected costs for manufacturing and selling and administrative expenses: (Click the icon to view the projected costs.) Prepare a schedule of cash payments for Maynard for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. (Assume the company started operations in January. If a input field is not used in the table leave the input field empty; do not enter a zero.)

Maynard Company has the following projected costs for manufacturing and selling and administrative expenses: (Click the icon to view the projected costs.) Prepare a schedule of cash payments for Maynard for January, February, and March. Determine the balances in Prepaid Property Taxes, Accounts Payable, and Utilities Payable as of March 31. (Assume the company started operations in January. If a input field is not used in the table leave the input field empty; do not enter a zero.)

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 14PA: Total Pops data show the following information: New machinery will be added in April. This machine...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
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