Rockingham, LLC is preparing their general and administrative expense budget for the first quarter of next year (January, February, March). They are budgeting annual administrative salaries of $112,200 and payroll taxes on those salaries of 7.65%. They will also have rent of $2,300 per month and insurance payments of $830 per month.
As part of the General & Administrative expense budget Rockingham, LLC will also need to include depreciation expense for the equipment and furniture used by the administrative staff. As of January 1 they have $133,000 of assets which generates depreciation expense of $13,300 per year. Rockingham also plans to purchase the following additional assets during the first quarter of next year which will also need to be depreciated:
| January | February | March | |
|---|---|---|---|
| Budgeted equipment & furniture purchases | $13,800 | $5,875 | $3,610 |
Note: Each of these new budgeted purchases will have $0 salvage value and an estimated useful life of 5 years.
Prepare the general & administrative expense budget for the quarter. Round all calculations to the nearest whole dollar.
| January | February | March | Total | |
|---|---|---|---|---|
| Administrative salaries | $ | $ | $ | $ |
| Payroll tax expense | $ | $ | $ | $ |
| Rent expense | $ | $ | $ | $ |
| Insurance expense | $ | $ | $ | $ |
| Depreciation expenseSingle line | $Single line | $Single line | $Single line | $Single line |
| Single lineTotal General & Administrative expensesDouble line | Single line$Double line | Single line$Double line | Single line$Double line | Single line$Double line |