Prepare a schedule of cash payments for operations for July

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Problem - Schedule of cash payments - Select Physical Therapy Inc. is planning its cash payments for operations for the third quarter (July-September), 2013. The Accrued Expenses Payable balance on July 1 is $28,000. The budgeted expenses for the next three months are as follows:

 

July

August

September

Salaries

$ 63,200

$ 78,100

$ 84,900

Utilities

5,300

5,600

7,100

Other operating expenses

48,500

52,700

58,200

Total

$117,000

$136,400

$150,200

Other operating expenses include $3,500 of monthly depreciation expense and $800 of monthly insurance expense that was prepaid for the year on March 1 of the current year. Of the remaining expenses, 70% are paid in the month in which they are incurred, with the remainder paid in the following month. The Accrued Expenses Payable balance on July 1 relates to the expenses incurred in June.

Required - Prepare a schedule of cash payments for operations for July, August, and September.

Reference no: EM132686152

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