httpo/exp jsp?id-51bb Schedule of cash payments for a service company Horizon Fi

Question

httpo/exp jsp?id-51bb Schedule of cash payments for a service company Horizon Financal Inc. waes organized on February 28. Projected seling and administrative expenses for each of the first three months of operations are as follows: March $139,900 April 131,500 May 119,700 Depreciation, insurance, and property taxes represent $30,000 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, 68% 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

Explanation / Answer

SCHEDULE SHOWING CASH PAYMENT OF SELLING AND ADMIN EXPENSES MARCH APRIL MAY March Expense Paid in March 74732 Paid in April 35168 April Expense Paid in April 69020 Paid in May 32480 May expense Paid in eMay 60996 Total Cash payments 74372 104188 93476 Note: Depreciation is non cash expense, Insurance has already paid in advance and Txes will be paid in June. Hence, these items not included for cash paid.

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