Schedule of cash payments for a service company Horizon Financial Inc. was organized on February 28....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 April May $111,300 104,600 95,200 Depreciation, Insurance, and property taxes represent $24,000 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. Of the remainder of the expenses, 67% 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 Line Item Description March April March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses: 0 0 May March April $111,300 104,600 May 95,200 Depreciation, insurance, and property taxes represent $24,000 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. Of the remainder of the expenses, 67% 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 Line Item Description March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses: Paid in May Total cash payments March April May 0 00 100 0 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 April May $111,300 104,600 95,200 Depreciation, Insurance, and property taxes represent $24,000 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. Of the remainder of the expenses, 67% 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 Line Item Description March April March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses: 0 0 May March April $111,300 104,600 May 95,200 Depreciation, insurance, and property taxes represent $24,000 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. Of the remainder of the expenses, 67% 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 Line Item Description March expenses: Paid in March Paid in April April expenses: Paid in April Paid in May May expenses: Paid in May Total cash payments March April May 0 00 100 0
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Three charges are arranged as shown in the figure. Find the (a) magnitude and (b) direction (angle with the x axis) of the electrostatic force on the 6.00- nC charge. In the figure, q= 3.64 nC. 0.500...
-
Discuss the advantages and disadvantages of partial measures of productivity.
-
If X and Y have a constant joint density on the triangle where 0 y x 1, compute Cov(X, Y)
-
To which work sheet column is the debit balance of Cost of Goods Sold extended?
-
Alpha Manufacturing Co. makes one main product, Bravo, and a by-product, Delta, which splits off from the main product when the work is three-fourths completed. Delta is sold without further...
-
It's common for larger organizations to use a team approach as a part of their vulnerability assessment exercises. Using the military exercises color designations, there is a red team and a blue...
-
The ruling in the case of R (on the application of Miller) v The Prime Minister; Cherry and others v Advocate General for Scotland [2019] UKSC 41 constitutes living proof of the power of...
-
Use in calculating NPV for a cash inflow project: The management of Fine Electronics Company is considering to purchase an equipment to be attached with the main manufacturing machine. The equipment...
-
If I keep 6 0 0 shares of Peloton and sold them at a later date, November 1 4 th 2 0 2 2 how much would I have gained or lost by holding onto the shares until that date? Show calculations
-
If you were to try to estimate the appropriate cost of capital for different divisions, what problems might you encounter?
-
In what circumstances might someone, other than the applicant, complete home loan application forms on behalf of an applicant?
-
A recipe for baked stuffed potatoes calls for 6 potatoes and yields 12 servings. If the yield percent for the potatoes is 81% and 1 potato weighs 5 ounces, how many pounds of potatoes will you need...
-
In what ways can modern technology help managers in making decisions?
-
A company has the following incomplete production budget data for the first quarter: In the previous December, ending inventory was 200 units, which was the minimum required, at 10% of projected...
-
Corporate annual reports include a letter from the chief executive officer (CEO). The letter highlights achievements and positive results from the past year. If necessary, it delivers news of...
-
Alpha Network Solutions has had declining net income the past four years. The company president employs you as a consultant to review the companys operations in an effort to identify the reason for...
-
Minta Perry has received year-end information, including financial statements, from her accountant. Among the information is a report that the accounts receivable turnover ratio in the prior year was...
Study smarter with the SolutionInn App