Excel Learning Systems Inc. was organized on September 30, 2014. Projected selling and administrative expenses for...

 

Transcribed Image Text:

Excel Learning Systems Inc. was organized on September 30, 2014. Projected selling and administrative expenses for each of the first three months of operations are as follows: October $179,900 November 169,100 December 153,900 Depreciation, insurance, and property taxes represent $38,000 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 65% 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. Hide 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, 2014 October expenses: Paid in October Paid in November November expenses: Paid in November Paid in December December expenses: Paid in December Total cash payments October $ $ 92235 November $ $ 80367 December $ Hint(s) H Excel Learning Systems Inc. was organized on September 30, 2014. Projected selling and administrative expenses for each of the first three months of operations are as follows: October $179,900 November 169,100 December 153,900 Depreciation, insurance, and property taxes represent $38,000 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 65% 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. Hide 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, 2014 October expenses: Paid in October Paid in November November expenses: Paid in November Paid in December December expenses: Paid in December Total cash payments October $ $ 92235 November $ $ 80367 December $ Hint(s) H