Oakwood Financial Inc. was organized on February 28. Projected selling and administrative expenses for each...
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Accounting
Oakwood 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
$122,600
April
112,800
May
102,600
Depreciation, insurance, and property taxes represent $26,000 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. 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.
Oakwood Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31
March
April
May
March expenses:
Paid in March
$fill in the blank 1
Paid in April
$fill in the blank 2
April expenses:
Paid in April
fill in the blank 3
Paid in May
$fill in the blank 4
May expenses:
Paid in May
fill in the blank 5
Total cash payments
$fill in the blank 6
$fill in the blank 7
$fill in the blank 8
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