Homework Answers
Answer A
| October | November | December | |
| Budgeted S$A Expenses | |||
| Equipment lease expense | $ 5,700 | $ 5,700 | $ 5,700 |
| Salary expense | $ 6,000 | $ 6,500 | $ 6,900 |
| Cleaning supplies | $ 2,860 | $ 2,770 | $ 3,080 |
| Insurance expense | $ 2,000 | $ 2,000 | $ 2,000 |
| Depreciation on computer | $ 2,200 | $ 2,200 | $ 2,200 |
| Rent | $ 2,000 | $ 2,000 | $ 2,000 |
| Miscellaneous expense | $ 730 | $ 730 | $ 730 |
| Total operating expenses | $ 21,490 | $ 21,900 | $ 22,610 |
| Schedule of cash Payments for S&A Expenses | |||
| Equipment lease expense | $ 5,700 | $ 5,700 | $ 5,700 |
| Salary expense | $ - | $ 6,000 | $ 6,500 |
| Cleaning supplies | $ 2,860 | $ 2,770 | $ 3,080 |
| Insurance expense | $ 12,000 | $ - | $ - |
| Depreciation on computer | $ - | $ - | $ - |
| Rent | $ 2,000 | $ 2,000 | $ 2,000 |
| Miscellaneous expense | $ 730 | $ 730 | $ 730 |
| Total operating expenses | $ 23,290 | $ 17,200 | $ 18,010 |
Answer b & c
| b. | Salary Payable | $ 6,900 |
| c. | Prepaid insurance | $ 6,000 |
Salary payable for last month =$6900
Prepaid insurance for three month as three month premium has expired = 2000*3 = $6000
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