Maynard Company has the following projected costs for manufacturing and selling and administrative expenses: (Click the

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Maynard Company Has The Following Projected Costs For Manufacturing And Selling And Administrative Expenses Click The 1 (98.14 KiB) Viewed 9 times

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.) Cash Payments Direct Materials: Accounts Payable balance, January January Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials Direct Labor: Total payments for direct labor Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: January February March Total Data table Direct materials purchases Direct labor costs Depreciation on plant Utilities for plant Property taxes on plant Depreciation on office Utilities for office Property taxes on office Office salaries January February $ 3,600 $ 2,700 550 Print 440 350 300 240 120 2,500 March Done 4,000 $ 4,000 550 440 350 300 240 120 120 2,500 2,500 4,700 4.500 550 All costs are paid in month incurred except: direct materials, which are paid in the month following the purchase; utilities, which are paid in the month after incurred; and property taxes, which are prepaid for the year on January 2. The Accounts Payable and Utilities Payable accounts have a zero balance on January 1. 440 350 300 240 X
Depreciation Office salaries Property taxes on office Property taxes on plant Utilities for office Utilities for plant Total payments for Selling and Admin. expenses Total cash payments Acccount balances, March 31: Prepaid Property Taxes Accounts Payable Utilities Payable