Schedule of Cash Payments for a Service Company

Oakwood 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$113,100April105,200May95,700

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. 71% 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 indicating cash payments for selling and administrative expenses for March, April, and May.

MarchAprilMayMarch 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 $fill in the blank 4May expenses: Paid in May fill in the blank 5Total cash payments$fill in the blank 6$fill in the blank 7$fill in the blank 8