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	$105,700
April	97,200
May	88,500

Depreciation, insurance, and property taxes represent $22,000 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. 59% 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 following month.

Prepare a schedule of cash payments for selling and administrative expenses for March, April, and May.

	March	April	May
March expenses:
Paid in March	$fill in the blank 1
Paid in April		$fill in the blank 2
April expenses:
Paid in April		fill in the blank 3
Paid in May			$fill in the blank 4
May expenses:
Paid in May			fill in the blank 5
Total cash payments	$fill in the blank 6	$fill in the blank 7	$fill in the blank 8

Depreciation, insurance, and property taxes represent $22,000 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. 59% 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 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