Schedule of Cash Payments Excel Learning Systems Inc. was organized on September 30, 2016. Projected selling and administrative expenses for each of the first three months of operations ale a follows: Depreciation, insurance, and property taxes represent $28,000 of the estimated monthly expenses. The annual insurance premium was paid on September 30 , and property taxes for the year will be paid in June. The company expects that 61% of the remainder of the expenses will be paid in the month in which they are incurred, with the balance to be paid in the following month