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: Depreciation, insurance, and property taxes represent $17,000 of the estimated monthly expenses. The annual insurance premium was paid o February 28, and property taxes for the year will be paid in June. Of the remainder of the expenses, 72% are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. birect iabor cost budget Provo Racket Company manufactures two types of tennis rackets, the Youth and Adult models. The production budget for July for the two rackets is as follows: Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated as followst The direct labor rate for each department is as follows: Forming Department $20.00 per hour Assembly Department $9.00 per hour Prepare the direct labor cost budget for July