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Schedule of Cash Payments Excel Learning Systems Inc. was organized on September 30, 2016. Projected selling...

  1. Schedule of Cash Payments

    Excel Learning Systems Inc. was organized on September 30, 2016. Projected selling and administrative expenses for each of the first three months of operations are as follows:

    October $184,800
    November 173,700
    December 158,100

    Depreciation, insurance, and property taxes represent $40,000 of the estimated monthly expenses. The annual insurance premium was paid on September 30, and property taxes for the year will be paid in June. The company expects that 75% 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 December 31, 2016
    October November December
    October expenses:
    Paid in October
    Paid in November
    November expenses:
    Paid in November
    Paid in December
    December expenses:
    Paid in December
    Total cash payments

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