Chapter 21 Budgeting 1091 EX 21-19 Horizon Financial Inc. w penses for each of Schedule of cash payments for a service company ments in May, $58,490 Obj. 5 ed selling and administrative ex as organized on February 28. Project the first three months of op erations are as follows March April May $52,400 64,200 68,900 Depreciation, insurance, and property taxes represent $9,000 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. Seventy percent 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 followving mo month. repare a schedule of cash payments for selling and administrative expenses for March April, and May