Schedule indicating cash payments for operating expenses

Assignment Help Accounting Basics
Reference no: EM13142555

Ackerman Company was organized on May 31 of the current year. Projected operating expenses for each of the first three months of operations are as follows:

  • June $64,000
  • July 81,000
  • August 104,500

Depreciation, insurance, and property taxes represent $15,000 of the estimated monthly operating expenses. The annual insurance premium was paid on May 31, and property taxes for the year will be paid in December. Three-fourths of the remainder of the operating expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month.

Prepare a schedule indicating cash payments for operating expenses for June, July, and August.

Reference no: EM13142555

Questions Cloud

How might information delivered by the accountant affect : You believe the shop needs a more experienced salesperson and that the building need new paint and awnings. how might the information delivered by the accountant affect your decisions and course of action?
Why do bacteria secrete proteins : Why do bacteria secrete proteins? Select one: a. It is a strict requirement for function and to manipulate their environment b. To manipulate their environment and breakdown host target cells c. To change the host cell into a different type of cel..
What advice do you have for mary lour : As a tax planner, what advice do you have for Mary Lou? Is there a way to structure the payments to minimize Mary Lou's Income tax?
Null and alternative hypotheses for depression on thyroid : She gathers a sample of 35 subjects with depression and obtains a sample mean of 7.82 micrograms/100 ml. What are the null and alternative hypotheses for this study?
Schedule indicating cash payments for operating expenses : Prepare a schedule indicating cash payments for operating expenses for June, July, and August.
How to calculate net filtration pressure of capillary : how to calculate net filtration pressure of capillary? and venous end?
What would be effect of removing the matching : What would be the effect of removing either the Matching Principle or the Revenue Recognition Principle from the process? Use a concrete example of how doing so might affect accounting in a given period.
Material participant in the restaurant activity : Maria, who owns a 50% interest in a restaurant, has been a material participant in the restaurant activity for the last 20 years. She retired from the restaurant at the end of last year and will not participate in the restaurant activity in the fu..
Define the concept of opportunity cost : What is the net present value of this proposed project? If efficiency was the only objective for making the decision and we have fully accounted for all costs and benefits would you recommend the project go ahead or not?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Operating activities under indirect method

In Metro's current year cash flow statement, the reported net cash provided by operating activities under the indirect method should be:

  Question regarding consolidated net income

What is consolidated net income for this year prior to reduction for the noncontrolling interest's share of the subsidiary's net income?

  Explain how the accounting equation is impacted

(1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount and (2) explain how the Accounting Equation is impacted.

  Identifiable net assets problem

On April 1, 2011, BigBen Company acquired 30% of the shares of LittleTick, Inc. BigBen paid $100,000 for the investment, which is $40,000 more than 30% of the book value of LittleTick's identifiable net assets.

  Cash basis-accrual basis of accounting

What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why?

  Investment in the new machine

The machine would have no salvage value. The machine would reduce labor and other operating costs by $76,000 per year. The internal rate of return on the investment in the new machine is closest to:

  Identify at least four key controls and indicate the tests

The bookkeeper prepares a daily bank deposit slip and compares the total with the total amount shown on the daily remittance tapes. All remittances are deposited in the bank the day they are received. (Cash receipts from sources other than service..

  Trends and items of concern for the directors of fedex

Prepare an interpretative write up of your financial analysis, explaining trends and items of concern for the directors of FedEx. For each ratio, you should define the ratio, inform the directors about the change in the ratio from one year to the ..

  How will the character of the income or loss be determined

The character of any income or loss will be ordinary if the contributed property is sold by the partnership within five years after the date of contribution regardless of the character of the asset in the hands of the partnership.

  Single class of stock

What is the maximum percentage of Alpha Corporation's single class of stock that Mariano can sell to a single shareholder without triggering the Sec. 382 loss limitation?

  Agi and deduction

Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leg injury and must spend most of his time in a wheelchair until his recovery. Alan's physician recommends that he install a whirlpool bath in his home for..

  What is the maximum permitted coverdell education

what is the maximum permitted coverdell education savings account contribution that benjamin and ester can make in 2011?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd