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: March $120,000 April 140,000 May 160,000 Depreciation, insurance, and property taxes represent $10,000 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. 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 indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers.
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Solution :
Tadpole Learning System Inc.
Schedule of cash payments for selling and administration expenses
For the three months ending May 31
Particulars March April May
March Expenses
Paid in March $ 77,000
Paid in April $ 33,000
($110000 x 70%) ($110000 x 30%)
April Expenses
Paid in April $ 91,000
Paid in May $ 39,000
($130000 x 70%) ($130000 x 30%)
May expenses
Paid in May $ 1,05,000
($150000 x 70%)
Total cash payments $ 77,000 $ 1,24,000 $ 1,44,000
Given the expenses including depreciation, insurance and property tax of 10,000 to be deducted as it is not paid in the months of March, April, May. Hence it is excluded :
1 2 3 2-3
Revised expense Expense Depreciation, insurance Expense excluding
property tax depreciation,
insurance and
property tax
March $ 1,20,000 $ 10,000 $ 1,10,000
April $ 1,40,000 $ 10,000 $ 1,30,000
May $ 1,60,000 $ 10,000 $ 1,50,000
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