Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. january budgeted selling and administrative expens

January budgeted selling and administrative expenses for the retail shoe store that Craig Shea plans...

50.1K

Verified Solution

Question

Accounting

January budgeted selling and administrative expenses for the retail shoe store that Craig Shea plans to open on January 1, 2018, are as follows: sales commissions, $28,500; rent, $15,500; utilities, $4,100; depreciation, $4,200; and miscellaneous, $2,800. Utilities are paid in the month after incurrence. Other expenses are expected to be paid in cash in the month in which they are incurred.

Required

A Determine the amount of budgeted cash payments for January selling and administrative expenses.

B Determine the amount of utilities payable the store will report on the January 31 pro forma balance sheet.

C Determine the amount of depreciation expense the store will report on the income statement for the year 2018, assuming that monthly depreciation remains the same for the entire year.

a. Budgeted cash payments
b. Utilities payable
c. Depreciation expense

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

A 0.78-kg block and a 0.56-kg block sits on a rotating disk. They are connecting by...

Psychology
1.2K views

Dementia Patients Dementia and Alzheimer’s patients struggle with activities of daily living. How are simple tasks like...

Biology
1.2K views

A mayfly is born matures mates and dies all in the same day Mayflies are...

Physics
1.2K views

When material falls from the cloud to the star potential energy is first converted to...

Algebra
1.2K views

If 1500 are deposited into an account with a 7 interest rate compounded quarterly what...

Accounting
1.2K views

Barlow Company manufactures three products-A, B, and C. The selling price, variable costs, and contribution...

Accounting
1.2K views

In calculating labor variances you have given the following data Actual hours used: 300 Actual...

Accounting
1.2K views

George Clooney buys a motorbike costing 8,000. If he depreciates the motorbike using the reducing...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.] ...

Accounting
1.2K views

The year end income statement for Sophie Corporation is presented below: Sophie Corporation Income Statement...

Accounting
1.2K views

please help solve for the following questions Effect of doubtful accounts on net income...

Finance
1.2K views

Explain why initial claims for unemployment insurance represent a leading economic indicator.