Schedule of Cash Payments

Shakti Power Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows:

March$72,000April84,000May96,000

Depreciation, insurance, and property taxes represent $6,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in November. Seventy percent 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.

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below.

Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers.

SHAKTI POWER INC.Schedule of Cash Payments for Selling and Administrative ExpensesFor the Three Months Ending May 31 MarchAprilMayMarch expenses: Paid in March $ fill in the blank 2 Paid in April $ fill in the blank 3 April expenses: Paid in April fill in the blank 4 Paid in May $ fill in the blank 5May expenses: Paid in May fill in the blank 6Total cash payments $ fill in the blank 7 $ fill in the blank 8 $ fill in the blank 9