Schedule of Cash Payments

timer Asked: Nov 23rd, 2016

Question description

Schedule of Cash Payments

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:


Depreciation, insurance, and property taxes represent $25,000 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 62% 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.

  • Hint(s)
  • 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

    $ Correct 9

    Paid in November

    $ Correct 11

    November expenses:

    Paid in November

    Correct 14

    Paid in December

    $ Correct 16

    December expenses:

    Paid in December

    Correct 19

    Total cash payments

    $ Correct 21

    $ Correct 22


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