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Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883

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BuyFindarrow_forward

Survey of Accounting (Accounting I)

8th Edition
Carl Warren
ISBN: 9781305961883
Textbook Problem

Schedule of cash payments
Organic Physical Therapy Inc. is planning its cash payments for operations for the three months ending March 31. The Accrued Expenses Payable balance on January 1 is (12.000. The budgeted expenses for the next three months are as follows:

Other operating expenses include $2,000 of monthly depreciation expense and $1,000 of monthly insurance expense that was prepaid in the prior year. Of the remaining expenses, 75% are paid in the month in which they are incurred, with the remainder paid in the following month. The Accrued Expenses Payable balance on January 1 relates to the expenses incurred in December.
Prepare a schedule of cash payments for operations for January. February, and March.

To determine

Concept Introduction:

Budgets:

Budgets are prepared to estimate the revenue, costs, receipts and payments for the business. There are several types of budgets prepared for a business. Few major types of budgets prepared are as follows:

  • Sales budget
  • Cash Collection budget
  • Production budget
  • Raw material purchase budget
  • Expenses Budgets
  • Cash disbursement budget

To Prepare:

The Schedule of Cash Payment

Explanation

The Schedule of Cash Payment is prepared as follows:

    Schedule of Cash Payment
    January FebruaryMarch
    Total Expenses (A) $ 57,000 $ 65,000 $ 84,000
    Non Cash Expenses (B) $ 3,000 $...

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Chapter 13 Solutions

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