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Maynard Company has the following projected costs for manufacturing and selling and administrative expenses: (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. (Assume the company started operations in January. If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments Direct Materials: Accounts Payable balance, January 1 January-Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials Direct Labor: Total payments for direct labor Data table January February March Total January February March Direct materials purchases $ 3,300 $ 3,900 $ 4,900 Direct labor costs 2,800 4,000 4,400 Depreciation on plant 550 550 550 Utilities for plant 440 440 440 Property taxes on plant 260 260 260 Depreciation on office 250 250 250 Utilities for office 650 650 650 Property taxes on office 110 110 110 Office salaries 6,000 6,000 6,000 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.

Maynard Company has the following projected costs for manufacturing and selling and administrative expenses: (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. (Assume the company started operations in January. If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments Direct Materials: Accounts Payable balance, January 1 January-Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials Direct Labor: Total payments for direct labor Data table January February March Total January February March Direct materials purchases $ 3,300 $ 3,900 $ 4,900 Direct labor costs 2,800 4,000 4,400 Depreciation on plant 550 550 550 Utilities for plant 440 440 440 Property taxes on plant 260 260 260 Depreciation on office 250 250 250 Utilities for office 650 650 650 Property taxes on office 110 110 110 Office salaries 6,000 6,000 6,000 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.

Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 22M
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Maynard Company has the following projected costs for manufacturing and selling and administrative expenses: (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. (Assume the company started operations in January. If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments Direct Materials: Accounts Payable balance, January 1 January-Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials Direct Labor: Total payments for direct labor Data table January February March Total January February March Direct materials purchases $ 3,300 $ 3,900 $ 4,900 Direct labor costs 2,800 4,000 4,400 Depreciation on plant 550 550 550 Utilities for plant 440 440 440 Property taxes on plant 260 260 260 Depreciation on office 250 250 250 Utilities for office 650 650 650 Property taxes on office 110 110 110 Office salaries 6,000 6,000 6,000 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.
Transcribed Image Text:Maynard Company has the following projected costs for manufacturing and selling and administrative expenses: (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. (Assume the company started operations in January. If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Payments Direct Materials: Accounts Payable balance, January 1 January-Direct material purchases paid in February February-Direct material purchases paid in March Total payments for direct materials Direct Labor: Total payments for direct labor Data table January February March Total January February March Direct materials purchases $ 3,300 $ 3,900 $ 4,900 Direct labor costs 2,800 4,000 4,400 Depreciation on plant 550 550 550 Utilities for plant 440 440 440 Property taxes on plant 260 260 260 Depreciation on office 250 250 250 Utilities for office 650 650 650 Property taxes on office 110 110 110 Office salaries 6,000 6,000 6,000 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.
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