Green mountain financial inc was organized on february 28

Reference no: EM13574631

Green Mountain Financial Inc. was organized on February 28, 2014. Projected selling and administrative expenses for each of the first three months of operations are as follows:

March: $45,800; April: $56,900; May: $71,000

Depreciation, insurance, and property taxes represent $8,000 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. Sixty 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.

Green Mountain Financial Inc.

Schedule of Cash Payments for Selling and Administrative Expenses

For the Three Months Ending May 31, 2014

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

Reference no: EM13574631

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