Schedule of Cash Payments
Tadpole Learning Systems Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows:
Depreciation, insurance, and property taxes represent $29,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in November. 75% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month.
Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers.
|TADPOLE LEARNING SYSTEMS INC.|
|Schedule of Cash Payments for Selling and Administrative Expenses|
|For the Three Months Ending May 31|
|Paid in March||$|
|Paid in April||$|
|Paid in April|
|Paid in May||$|
|Paid in May|
|Total cash payments||$||$||$|
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