Schedule of Cash Payments for a Service Company

SafeMark 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	$139,000
April	129,300
May	117,700

Depreciation, insurance, and property taxes represent $29,000 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. 74% 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.

SafeMark Financial Inc.

Schedule of Cash Payments for Selling and Administrative Expenses

For the Three Months Ending May 31

MarchAprilMayMarch expenses:Paid in March$Paid in April$April expenses:Paid in AprilPaid in May$May expenses:Paid in MayTotal cash payments$$$