The budget director of Heather’s Florist has prepared the following sales budget. The company had $370,000...
The budget director of Heather’s Florist has prepared the following sales budget. The company had $370,000 in accounts receivable on July 1. Heather’s Florist normally collects 100 percent of accounts receivable in the month following the month of sale.
Required
-
Complete the schedule of cash payments for S&A expenses by filling in the missing amounts.
-
Determine the amount of salaries payable the company will report on its pro forma balance sheet at the end of the fourth quarter.
-
Determine the amount of prepaid insurance the company will report on its pro forma balance sheet at the end of the fourth quarter.
Complete the schedule of cash payments for S&A expenses by filling in the missing amounts.
|
Determine the amount of salaries payable and prepaid insurance the company will report on its pro forma balance sheet at the end of the fourth quarter.
|
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Homework Answers
a)
| Schedule of cash payments for S&A Expenses | |||
| October | November | December | |
| Equipment Lease Expenses | $5,200 | $5,200 | $5,200 |
| Prior month's salary expense (100%) | - | $6,900 | $7,400 |
| Cleaning supplies | $2,820 | $2,790 | $3,050 |
| Insurance premium | $10,800 | - | - |
| Depreciation on computer | - | - | - |
| Rent | $1,900 | $1,900 | $1,900 |
| Misc. Expense | $760 | $760 | $760 |
| Total Disbursement for operating expenses | $21,480 | $17,550 | $18,310 |
____________________________________________________________________
b)
Salaries payable for the month of December = $7,800 shown in balance sheet under the head current liabilities.
_____________________________________________________________________
c)
Prepaid Insurance (under the head Current Asset) = Total prepaid amount - Consumed during the period
= $10,800 - ($1,800 
3 months)
= $5,400
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