Question

Maynard Company has the following projected costs for manufacturing and selling and administrative expenses: epay any amounts owed. Interest owed from the previous month's principal balance is paid on the first of the month at 14% E: (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. (If a box is_ - X January February March Total Data Table X Cash Payments cash budget to the nearest whole dollar. Enter a cash deficiency and/or negative Direct Materials: Accounts Payable balance, January 1 January February March January—Direct material purchases paid in February Direct materials purchases $ 3,500 $ 4,100 $ 4.100 February-Direct material purchases paid in March Direct labor costs 2.700 3,500 4,300 у March Total Total payments for direct materials Depreciation on plant 400 400 400 Utilities for plant 560 560 560 100 43,000 91.000 Direct Labor: Property taxes on plant 150 150 150 Depreciation on office 550 550 550 Total payments for direct labor Utilities for office 320 320 320 100 34,000 111,000 Property taxes on office 110 110 110 Office salaries 4.500 4,500 4,500 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. 00) (3,500)|| (3,500) Print Done Enter any number in the edit fields and then click Check Answer. ? parts remaining Clear All

Answer 1

	January	February	March	Total
Cash Payments
Direct Material
Accounts Payable, January 1	$                 -			$                    -
January-Direct Material Purchases paid in February		$          3,500		$              3,500
February-Direct Material Purchases paid in March			$          4,100	$              4,100
Total Payment for Direct Materials	$                 -	$          3,500	$          4,100	$             7,600
Direct Labor
Total Payments for Direct Labor	$          2,700	$          3,500	$          4,300	$           10,500
Manufacturing Overhead
Utilities for Plant		$             560	$             560	$              1,120
Property Taxes on Plant	$          1,800			$              1,800
Total Payments for Manufacturing overhead	$          1,800	$             560	$             560	$             2,920
Selling and Administrative Expenses
Utilities for Office		$             320	$             320	$                 640
Property Taxes on Office	$          1,320			$              1,320
Office Salaries	$          4,500	$          4,500	$          4,500	$           13,500
Total Payments for Selling and Admin. Expenses	$          5,820	$          4,820	$          4,820	$           15,460
Total Cash Payments	$        10,320	$        12,380	$        13,780	$           36,480
Accounts Balances, March 31
Prepaid Property Taxes	$          2,340
Accounts Payable	$          4,100
Utilities Payable	$             880

Details for Sales and its collection is not given

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