Schedule of Cash Payments 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 $130,400 April 122,600 May 111,600 Depreciation, insurance, and property taxes represent $28,000 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. 69% 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 indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers. SHAKTI POWER INC.Schedule of Cash Payments for Selling and Administrative ExpensesFor the Three Months Ending May 31   March April May March expenses:       Paid in March $fill in the blank 1     Paid in April   $fill in the blank 2   April expenses:       Paid in April   fill in the blank 3   Paid in May     $fill in the blank 4 May expenses:       Paid in May     fill in the blank 5 Total cash payments $fill in the blank 6 $fill in the blank 7 $fill in the blank

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Schedule of Cash Payments

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 $130,400
April 122,600
May 111,600

Depreciation, insurance, and property taxes represent $28,000 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. 69% 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 indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers.

SHAKTI POWER INC.Schedule of Cash Payments for Selling and Administrative ExpensesFor the Three Months Ending May 31

  March April May
March expenses:      
Paid in March $fill in the blank 1    
Paid in April   $fill in the blank 2  
April expenses:      
Paid in April   fill in the blank 3  
Paid in May     $fill in the blank 4
May expenses:      
Paid in May     fill in the blank 5
Total cash payments $fill in the blank 6 $fill in the blank 7 $fill in the blank 8
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