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 March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses: Paid in May Total cash payments 90,432 X 249,049 X 52,968 X 83,017 X 146,251 X May 48,883 X 44,400 X 44,400 X
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 March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses: Paid in May Total cash payments 90,432 X 249,049 X 52,968 X 83,017 X 146,251 X May 48,883 X 44,400 X 44,400 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 | $143,400 |
| April | 131,900 |
| May | 120,000 |
Prepare a schedule of cash payments for selling and administrative expenses for March, April, and May.
Transcribed Image Text: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
March expenses:
Paid in March
Paid in April
April expenses:
Paid in April
Paid in May
May expenses:
Paid in May
Total cash payments
90,432 X
249,049 X
52,968 X
83,017 X
146,251 X
May
48,883 X
44,400
X
44,400 X
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