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Schedule of Cash Payments for a Service Company Oakwood Financial Inc. was organized on February...

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Accounting

Schedule of Cash Payments for a Service Company

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 $150,600

April 138,600

May 126,100

Depreciation, insurance, and property taxes represent $32,000 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. 60% 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 ______

Paid in April ________

April expenses:

Paid in April ________

Paid in May ________

May expenses:

Paid in May ________

Total cash payments ________ _______ ________

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