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Schedule of cash payments for a service company Horizon Financial Inc. was organized on February 28....

  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 $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 $ $ $

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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
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