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 $113,500 April 104,400 95,000 May Depreciation, insurance, and property taxes represent $24,000 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. 63% 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 Administrative Expenses For the Three Months Ending May 31 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 Direct Labor Cost Budget Ace Racket Company manufactures two types of tennis rackets, the Junior and Pro Striker models. The production budget for July for the two rackets is as follows: Junior Pro Striker Production budget 6,900 units 23,600 units Both rackets are produced in two departments, Forming and Assembly. The direct labor hours required for each racket are estimated as follows: Junior Forming Department Assembly Department 0.25 hour per unit 0.50 hour per unit 0.35 hour per unit 0.60 hour per unit Pro Striker The direct labor rate for each department is as follows: Forming Department Assembly Department $20.00 per hour $11.00 per hour Prepare the direct labor cost budget for July. Ace Racket Company Direct Labor Cost Budget For the Month Ending July 31 Forming Department Hours required for production: Junior Assembly Department Pro Striker Total Hourly rate Total direct labor cost Analyze Adventure Park's staffing budget Adventure Park is a large theme park. Staffing for the theme park involves many different labor classifications, one of which is the parking lot staff. The parking lot staff collects parking fees, provides directions, and operates trams. The staff size is a function of the number of daily vehicles. Adventure Park has determined from historical experience that a staff member is needed for every 200 vehicles. Adventure Park estimates staff for both school days and nonschool days. Nonschool days are higher attendance days than school days. The number of expected vehicles for each day is as follows: School Days Nonschool Days 3,000 Number of vehicles per day Number of days per year 8,000 200 165 Parking fees are $10 per vehicle. Each parking lot employee is paid $110 per day. a. Determine the annual parking lot staff budget for school days, nonschool days, and total. School Days Nonschool Days Total Total parking lot staff expense $ BA b. Determine the annual parking revenue for school days, nonschool days, and total. School Days Nonschool Days Total Total parking annual revenues $ c. If depreciation expense and other expenses for running the parking lot were estimated to be $2 million per year, determine the parking lot's budgeted profit. Budgeted parking lot profit = $