Question

Horizon Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of...

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 $116,400
April 109,400
May 99,600

Depreciation, insurance, and property taxes represent $25,000 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. 62% 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.

Horizon Financial 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 $ $ $

Homework Answers

Answer #1

Prepare a schedule of cash payments for selling and administrative expenses for March, April, and May.

Horizon Financial 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 $56668
Paid in April $34732
April expenses:
Paid in April 52328
Paid in May $32072
May expenses:
Paid in May 46252
Total cash payments $56668 $87060 $78324
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Horizon Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of...
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 $170,800 April 162,300 May 147,700 Depreciation, insurance, and property taxes represent $37,000 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. 74% of the remainder of the expenses are expected to be paid in the month in which...
Horizon Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of...
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 $52,400 April 64,200 May 68,900 Depreciation, insurance, and property taxes represent $9,000 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. Seventy percent of the remainder of the expenses are expected to be paid in the month in...
SafeMark Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of...
SafeMark 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 $123,200 April 113,300 May 103,100 Depreciation, insurance, and property taxes represent $26,000 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. 69% of the remainder of the expenses are expected to be paid in the month in which...
SafeMark Financial Inc. was organized on February 28. Projected selling and administrative expenses for each of...
SafeMark 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 $142,000 April 132,100 May 120,200 Depreciation, insurance, and property taxes represent $30,000 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. 61% of the remainder of the expenses are expected to be paid in the month in which...
Schedule of cash payments for a service company Horizon Financial Inc. was organized on February 28....
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 $116,400 April 110,600 May 100,600 Depreciation, insurance, and property taxes represent $25,000 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. 66% of the remainder of the expenses are expected...
Shakti Power Inc. was organized on February 28. Projected selling and administrative expenses for each of...
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 $60,000 April 70,000 May 80,000 Depreciation, insurance, and property taxes represent $5,000 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...
Schedule of Cash Payments for a Service Company Horizon Financial Inc. was organized on February 28....
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 $52,400 April 64,200 May 68,900 Depreciation, insurance, and property taxes represent $9,000 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. Seventy percent of the remainder of the expenses are...
Schedule of cash payments for a service company Horizon Financial Inc. was organized on February 28....
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 $131,900 April 125,300 May 114,000 Depreciation, insurance, and property taxes represent $29,000 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. 75% of the remainder of the expenses are expected...
Schedule of cash payments for a service company Horizon Financial Inc. was organized on February 28....
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 $117,900 April 112,000 May 101,900 Depreciation, insurance, and property taxes represent $25,000 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. 67% of the remainder of the expenses are expected...
Schedule of cash payments for a service company Horizon Financial Inc. was organized on February 28....
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 $104,600 April 97,300 May 88,500 Depreciation, insurance, and property taxes represent $22,000 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. 67% of the remainder of the expenses are expected...