Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. malcolm is a retail company specializing in mens h

Malcolm is a retail company specializing in mens hats. Its budget director prepared the list...

70.2K

Verified Solution

Question

Accounting

Malcolm is a retail company specializing in mens 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 August September Salary expense $ 12,000 $ 12,000 $ 12,000 Sales commissions (4 percent of sales) 1,000 1,000 1,000 Supplies expense 180 195 210 Utilities 550 550 550 Depreciation on store equipment 1,500 1,500 1,500 Rent 3,300 3,300 3,300 Miscellaneous 345 345 345 Total S&A expenses before interest $ 18,875 $ 18,890 $ 18,905 Required Prepare a schedule of cash payments for selling and administrative expenses. Determine the amount of utilities payable as of September 30. Determine the amount of sales commissions payable as of September 30.

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

Statistics
1.2K views

A bag contains four quarters, one nickel, one dime, and five pennies. We reach with our...

Economics
1.2K views

a. Give three characteristics of a perfectly competitive market. [3 marks] b. List and explain three types...

Accounting
1.2K views

true or false: The weighted-average approach to process costing combines the work and costs done in...

Basic Math
1.2K views

An item is regularly priced at $95. It is now priced at a discount of...

Accounting
1.2K views

How are gains and losses resulting from the sale of listed personal...

Accounting
1.2K views

PB7-1 (Algo) Analyzing the Effects of Four...

Accounting
1.2K views

Crane Dental Supply Company issued $2260000 of 5%,5-year bonds at 95 , which...

Accounting
1.2K views

Coconut, an individual, is the sole shareholder of Tropical Fruit Corporation, a U.S. based corporation....

Accounting
1.2K views

Porter Company sold equipment for $33,000 cash. The original cost of the equipment was $50,000....

Accounting
1.2K views

Optilux is considering investing in an automated manufacturing system. The system requires an initial investment...

Accounting
1.2K views

Please fill in numbers 1-5

Finance
1.2K views

An 11-year, $1,000 face value bond has an annual coupon rate of 8% and its...