Schedule of cash payments for a service company
Horizon 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 | $145,800 |
April | 138,500 |
May | 126,000 |
Depreciation, insurance, and property taxes represent $32,000 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. 70% 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 of cash payments for selling and administrative expenses for March, April, and May.
Excel Learning Systems Inc. | |||
Schedule of Cash Payments for Selling and Administrative Expenses | |||
For the Three Months Ending May 31 | |||
March | April | May | |
March expenses: | |||
Paid in March | $ | ||
Paid in April | $ | ||
April expenses: | |||
Paid in April | |||
Paid in May | $ | ||
May expenses: | |||
Paid in May | |||
Total cash payments | $ | $ | $ |
Check My Work
Solution
Excel Learning Systems Inc. | |||
Schedule of Cash Payments for Selling and Administrative Expenses | |||
For the Three Months Ending May 31 | |||
March | April | May | |
March expenses: | |||
Paid in March | $ 79,660 | ||
Paid in April | $ 34,140 | ||
April expenses: | |||
Paid in April | $ 74,550 | ||
Paid in May | $ 31,950 | ||
May expenses: | |||
Paid in May | $ 65,800 | ||
Total cash payments | $ 79,660 | $ 108,690 | $ 97,750 |
Working
March | April | May | |
Total Expenses | $ 145,800 | $ 138,500 | $ 126,000 |
Less: Non cash expense(Depreciation etc) | $ 32,000 | $ 32,000 | $ 32,000 |
Cash expense | $ 113,800 | $ 106,500 | $ 94,000 |
Schedule of cash payments for a service company Horizon Financial Inc. was organized on February 28....
Schedule of cash payments for a service company Horizon 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 $177,900 April 165,400 May 150,500 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. 75% of the remainder of the expenses are expected...
Schedule of cash payments for a service company Horizon 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 $102,500 April 95,300 86,700 May Depreciation, insurance, and property taxes represent $22,000 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. 69% of the remainder of the expenses are expected...
Schedule of cash payments for a service company Horizon 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 $87,500 April 80,500 May 73,300 Depreciation, insurance, and property taxes represent $18,000 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. 61% of the remainder of the expenses are expected...
Schedule of cash payments for a service company Horizon 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 $135,300 April 125,400 May 114,100 Depreciation, Insurance, and property taxes represent $29,000 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. 70% of the remainder of the expenses are expected...
Schedule of cash payments for a service company Horizon 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 April May Depreciation, insurance, and property taxes represent $25,000 of the estimated monthly expenses. The annual insurance premium was paid on February $116,400 110,600 100,600 expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June....
Schedule of cash payments for a service company Horizon 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 $123,500 April 116,100 May 105,700 Depreciation, insurance, and property taxes represent $26,000 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. 73% of the remainder of the expenses are expected...
Schedule of cash payments for a service company Horizon 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 $82,200 April 77,300 May 70,300 Depreciation, insurance, and property taxes represent $18,000 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. 72% of the remainder of the expenses are expected...
Schedule of cash payments for a service company Horizon 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 $135,300 April 125,400 May 114,100 Depreciation, Insurance, and property taxes represent $29,000 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. 70% of the remainder of the expenses are expected...
1. Schedule of cash payments for a service company Horizon 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 $172,200 April 158,400 May 144,100 Depreciation, insurance, and property taxes represent $36,000 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. 74% of the remainder of the expenses are...
DOOR Calculator Schedule of cash payments for a service company Horizon Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: May March $181.100 April 165,400 153,200 Depreciation, insurance, and property taxes represent $35,000 of the estimated monthly expenses. The annual insurance premium was paid on February 20, and prope taxes for the year will be paid in June. 63% of the remainder of the expenses...