Reference no: EM131263918
Morag Manufacturing Company's budgeted income statement includes the following data:
Mar Apr May Jun
Sales $320,000 $340,000 $360,000 $380,000
Commission expense: 15% of sales 48,000 51,000 54,000 57,000
Salaries expense 50,000 50,000 50,000 50,000
Miscellaneous expense: 4% of sales 12,800 13,600 14,400 15,200
Rent expense 4,000 4,000 4,000 4,000
Utilities expense 2,000 2,000 2,000 2,000
Insurance expense 2,100 2,100 2,100 2,100
Depreciation expense 5,000 5,000 5,000 5,000
The budget assumes that 60% of commission expenses are paid in the month in which they are incurred and the remaining 40% are paid one month later. In addition, 50% of salaries expenses are paid in the month in which they are incurred, and the remaining 50% are paid one month later. Miscellaneous expenses, rent expense, and utility expenses are assumed to be paid in the same month in which they are incurred. Insurance was prepaid for the year on January 1. Prepare a schedule of cash payments for selling and administrative expenses for the quarter ending June 30.
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