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 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.

Explanation:    

Schedule of cash payment is a statement of budgeted cash payment over a specified period to aid an effective planning.

                                  March             April           May

                                  52400             64200      68900

Dep. Ins. & Tax         (9000)            (9000)       (9000)

                                  43400             55200       59900

March

70%43400               (30380)

April                                                    (13020)

                                                           (38,640)

May                                                                          (16560)

                                                                                ( 41930)

Cash budget              (39380)           (60660)        (67490)

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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