Munoz is a retail company specializing in men\'s hats. Its budget director prepa

Question

Munoz 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. Jul y August September Salary expense Sales commissions (4 percent of sales) Supplies expense Utilities Depreciation on store equipment Rent Miscellaneous $17,500 $17,500 $17,500 3,500 330 1,300 2,100 7,100 730 3,500 270 1,300 2,100 7,100 730 3,500 300 1,300 2,100 7,100 730 Total S&A; expenses before interest $32,500 32,530 $32,560 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 Complete this question by entering your answers in the tabs below Req A Req B and c Prepare a schedule of cash payments for selling and administrative expenses. Schedule of Cash Payments for S&A; Expenses July AugustSeptem Total payments for S&A; expenses ReqA Req B and C >

Explanation / Answer

a Schedule of cash payments for S&A expenses July Aug Sep Salary expense $17,500 $17,500 $17,500 Sales Commission $3,500 $3,500 Supplies expense $270 $300 $330 Utilities $1,300 $1,300 Rent $7,100 $7,100 $7,100 Miscelleneous $730 $730 $730 Total S&A expense $25,600 $30,430 $30,460 b Amount of utilities expense payable as of Sep 30 $2,600 (1300+1300) c Amount of sales commion payable as of Sep 30 $        7,000 (3500+3500)

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