Question

Schedule of Cash Payments for a Service Company SafeMark Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March 5176,500 April 165,900 May 151,000 Depreciation, insurance, and property taxes represent $38,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. 66% of the remainder of the 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 selling and administrative expenses for March, April, and May. SafeMark Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March March expenses: Pald in March Paid in April April expenses Paid in April Paid in May May expenses: Paid in May Total cash payments

Answer 1

SafeMark Financial Inc

Schedule of cash payments for selling and administrative expense

For the three month ending May 31

	March	April	May
march expenses
paid in march	91410
Paid in April		47090
April expenses
paid in April		84414
Paid in May			43486
May expenses
paid in May			74580
Total cash payment	91410	131504	118066