Chrome File Edit View History Bookmarks People Window Help 4)) 99% E?, Thu 7:59

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Chrome File Edit View History Bookmarks People Window Help 4)) 99% E?, Thu 7:59 PM Q : CengageNOWV2 | Online teaching and learning resource from Cengage Learning ? v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMando?invoker=&takeAssignmentSessionLocator;=assignment take&inprogress-false; 1. EX.21-01.ALGO 2. EX.21-03.ALGO 3. EX.21-05 ALGO 4. EX.21-09.ALGO 5. EX.21-12.ALGO 6. EX.21-14.ALGO 7. EX.21-15 ALGO 8. EX21-17 ALGO 9. EX.21-19.ALGO 10. EX.21-21 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 $19,000 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, 65% of the remainder ofthe 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 $91,300 84,900 77,300 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: 11. PR.21-02A Paid in April Paid in May May expenses: Paid in May Total cash payments Check My Work Previous Next Progress: 9/11 items Assignment Score: 8% Email Instructor Save and Exit Submit Assignment for Grading 26

Explanation / Answer

Horizon Financial 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 ( 91300-19000)*65% $46,995 Paid in April ( 91300-19000)*(1-65%) $25,305 April expenses: Paid in April ( 84900-19000)*65% $42,835 Paid in May ( 84900-19000)*(1-65%) $23,065 May expenses: Paid in May ( 77300-19000)*65% $37,895 Total cash payments $46,995 $68,140 $60,960

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