Schedule of cash payments for a service company Horizon Financial Inc. was organ

Question

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 follows March April May $110,800 104,200 94,800 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. 70% 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 of cash payments for selling and administrative expenses for March, April, and May Excel Learning Systems Inc Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses: Paid in May Total cash payments

Explanation / Answer

Schedule of cash payment for selling and administrative expense :

March April May March expense Paid in march 60760 Paid in april 26040 April expense paid in april 56140 Paid in may 24060 May expense paid in may 49560 Total cash payment 60760 82180 73620

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.