Question

HELLO PLS I NEED HELP WITH THIS PROBLEM, IS ONE PROBLEM BUT CAN HAVE MANY PARTS. PLS CAREFULLY EXAMINE. THANKS

Elwood Company has the following projected costs for manufacturing and selling and administrative​ expenses: LOADING...​(Click the icon to view the projected​ costs.) Prepare a schedule of cash payments for Elwood 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.)

	January	February	March
Direct materials purchases	$3,800	$3,600	$4,300
Direct labor costs	3,100	3,500	3,800
Depreciation on plant	600	600	600
Utilities for plant	950	950	950
Property taxes on plant	140	140	140
Depreciation on office	400	400	400
Utilities for office	630	630	630
Property taxes on office	100	100	100
Office salaries	4,000	4,000	4,000

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 January1.

		January	February	March	Total
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

Answer 1

1	TABLE 01				Amount in USD
	Particulars		January	February	March	Total
	Cash Payments
	Direct Materials:					0
	Accounts Payable balance, January 1		0
	January—Direct material purchases paid in February			3800
	February—Direct material purchases paid in March				3600
	Total payments for direct materials		0	3800.00	3600.00	7400.00
	Direct Labor:
	Total payments for direct labor		3,100	3,500	3,800	10400.00
	Total payments for direct labor and material		3,100	7,300	7,400	17,800
Remarks:
1	As on jan 01 opening balance of accounts payable is zero and purchases made in current month are paid in next month . There fore as on march ending accounts payable will be march month purchases
2	schedule of cash payments for Elwood for January​, February​, and March.
				Amount in USD
	particulars		January	February	March
	Direct material (calculated above table)		-	3,800	3,600
	Direct labour cost(paid in month incurred )		3,100	3,500	3,800
	Depreciaon on plant-non cash item		-	-	-
	Utilities for plant- paid in the month after incurred			950	950
	Property taxes on plant(prepaid for the year on January 2)(140 per month*12)		1,680
	Depreciation on office- non cash item		-	-	-
	Utilities for office-paid in the month after incurred			630	630
	Property taxes on office(prepaid for the year on January 2)(100 per month*12)		1,200
	Office salaries		4,000	4,000	4,000
	Total cash paid		9,980	12,880	12,980
Sno	Determine the balances in Prepaid Property​ Taxes, Accounts​ Payable, and Utilities Payable as of March 31.	Amount in USD
1	Prepaid property taxes
	- Property taxes on palnt(total paid/12)*9=(1680/12)*3	1260
	-Property taes on office((total paid/12)*9=(1200/12)*3	900
	Total prepaid property taxes	2160
2	Accounts payable balances
	- March month purchases remains unpaid since purchases in march will be paid in april	4300
	Total account payable o/s as on 31st march	4300
3	Utilities payables
	- Utilities for plan-march month outstanding	950
	- Utilities for office-march month outstanding	630
	Total Utilities payable o/s as on 31st march	1580