Chapter 21 Budgeting 1091 Lash payments in May, $58,490 Schedule of cash payments for a service company Obj. 5 Horizon Financial Inc. was prcanized on February 28. Proiected sem pen penses for each of the first three months of operations are as follows: on February 28. Projected selling and administrative ex- March $52.400 April 64,200 May 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 be paid in June. Seventy percent of the remainder of the U beventy percent of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to ich they are incurred, with the balance to be paid in the following month. schedule of cash payments for selling and administrative expenses for March, April, and May