Question

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 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 expenses: Pald in March Paid in April April expenses Paid in April Paid in May May expenses Pald in May Touch me

Answer 1

Schedule of cash payments for selling and administrative expenses

For the three months ending May 31

	March	April	May
March expenses
paid in march	75110
paid in April		32190
April expenses
paid in April		67480
paid in May			28920
May expenses
Paid in May			59570
Total cash payments	75110	99670	88490