Schedule of Cash Payments Select Physical Therapy Inc. Is planning its cash paym

Question

Schedule of Cash Payments Select Physical Therapy Inc. Is planning its cash payments for operations for the third quarter (July-September), 2017. The Accrued Expenses Payable balance on July 1 is $33,000. The budgeted expenses for the next three months are as follows: July August Salaries Utinties Other operating expenses $92,400 6,900 63,700 $163,000 September $102,300 8,300 70,100 $180,700 $75,900 6,300 58,400 140,600 Total Other operating expenses include $4,200 of monthly depreciation expense and $900 of monthly insurance expense that was prepaid for the year on March 1 of the arrent 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. Prepare a schedule of cash payments for operations for July, August, and September. Select Physical Therapy Inc. Schedule of Cash Payments for Operations For the Three Months Ending September 30, 2017 Duly August September Payments of prior month's expens 33.000 Payments of current month's expense Total payment

Explanation / Answer

Select Physical Therapy Inc. Schedule of Cash Payments for Operations For the Three Months Ending Sep 30, 2017 July Aug Sep Total Payment of Prior Month's Expense          33,000.00          15,990.00        17,580.00          66,570.00 Payment of Current Month's Expense        119,510.00        140,320.00      156,100.00        415,930.00 Total Payment        152,510.00        156,310.00      173,680.00        482,500.00 July Aug Sep Total Other Operating Expenses          58,400.00          63,700.00        70,100.00        192,200.00 Depreciation          (4,200.00)          (4,200.00)        (4,200.00)        (12,600.00) Insurance Expenses - Prepaid              (900.00)              (900.00)            (900.00)          (2,700.00) Expenses to be Paid in Cash          53,300.00          58,600.00        65,000.00        176,900.00 Schedule of Cash payments for Operating Expenses July Aug Sep Total Salaries          75,900.00          92,400.00      102,300.00        270,600.00 Utilities            6,300.00            6,900.00           8,300.00          21,500.00 Cash Payment - Other Operating Expenses Accrued Expenses - June          33,000.00          33,000.00 July Expenses          37,310.00          15,990.00          53,300.00 Aug Expenses          41,020.00        17,580.00          58,600.00 Sep Expenses        45,500.00          45,500.00 Total Cash Payment For Other Operating Exp.          70,310.00          57,010.00        63,080.00        190,400.00 Total Cash Payment for Operating Expenses        152,510.00        156,310.00      173,680.00        482,500.00

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