2I Online teaching and leaming resouace from Cengage Learning Internet Explorer

Question

2I Online teaching and leaming resouace from Cengage Learning Internet Explorer Excel Learning Systems Inc. was organired on September 30, 2016. Projected selling and administrative expenses for eadh g and adeministrative expenses for each of the first three months of operations are as follows: October November December $116,600 110,800 100,800 Deprecistion, insurance, and property taxes represent $25,000 of the estimated monthly expenses. The annual insurance premiurm was paid on September 3, and property taxes for the year will be paid in lune. The company expects that 60% of the remainder of the expenses will 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 October, November, and December Excel Learning Systems Inc Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending Deceenber 31, 2016 October November December October expenses: Paid in October

Explanation / Answer

Excel Learning Systems Inc. All Amounts in $ Schedule of Cash Payments for Selling and Administrative Expenses For The Three Months Ending December 31, 2016 October November December October Expenses Paid in October 54960 Paid in November 36640 November Expenses Paid in November 51480 Paid in December 34320 December Expenses Paid in December 45480 Total Payments 54960 88120 79800 222880

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