Schedule of cash payments for a service company

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

$$53,400$

April

$65,200$

May

$69,900$

Depreciation, insurance, and property taxes represent $$10,000$ 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. Of the remainder of the expenses, $60\%$ 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.

Horizon Financial Inc.

Schedule of Cash Payments for Selling and

Administrative Expenses

For the Three Months Ending May $31$

Line Item Description

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

$

$

$

$3$ more Check My Work uses remaining.