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 $94,600
April 88,000
May 80,100
Depreciation, insurance, and property taxes represent $20,000 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.
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
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