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 foliows: Depreciation, insurance, and property taxes represent $20,000 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, 75% are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month