Reference no: EM132617721
Marcel Company has the following projected costs for manufacturing and selling and administrative expenses:
Data Table
January February March
Direct materials purchases $3,600 $4,400 $4,000
Direct labor costs 2,900 3,100 3,700
Depreciation on plant 300 300 300
Utilities for plant 550 550 550
Property taxes on plant 260 260 260
Depreciation on office 500 500 500
Utilities for office 630 630 630
Property taxes on office 160 160 160
Office salaries 2,500 2,500 2,500
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.
Problem 1: Prepare a schedule of cash payments for Marcel 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 not used in the table leave the box? empty; do not enter a zero.)