80 pints Skipped References Required information [The following information applies to the questions displayed below. ] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 93,000 Accounts receivable 127,000 Inventory 45,000 Plant and equipment, net of depreciation 219,000 Total assets $ 484,000 Liabilities and Stockholders' Equity Accounts payable $ 80,000 Common stock 330,000 Retained earnings 74,000 Total liabilities and stockholders' equity $ 434.000 Beech's managers have made the following additional assumptions and estimates: _5 Estimated sales for July, August, September, and October will be $300,000, $320,000, $310,000, and $330,000, respectively. All sales are on credit and all credit sales are collected Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All ofthe accounts receivable at June 30 will be collected in July. Each month's ending inventory must equal 25% of the cost of next month's sales. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. Monthly selling and administrative expenses are always $56,000. Each month $6,000 of this total amount is depreciation expense and the remaining $50,000 relates to expenses that are paid in the month they are incurred. 8 loints Sklpped eBook References Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September. and October will be $300,000, $320,000, $310,000, and $330,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. 3. Each month's ending inventory must equal 25% ofthe cost of next month's sales. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. 4. Monthly selling and administrative expenses are always $56,000. Each month $6,000 of this total amount is depreciation expense and the remaining $50,000 relates to expenses that are paid in the month they are incurred. 5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30. Required: 1. Prepare a schedule of expected cash collections for July, August, and September 2a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30, 2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. 3. Prepare an income statement that computes net operating income for the quarter ended September 30. 4. Prepare a balance sheet as of September 30. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req ZB Req 3 Req 4 Prepare a schedule of expected cash collections for July, August, and September: Check my work 8 1 Dranard a cahaddilla of nunnstad rach callastions for bill Alilist and Cantambor ! Required information 4-W. Prepare a schedule UI expected casil disbursements TO1 mecid luise purchases 101 July, August, dilu september. 3. Prepare an income statement that computes net operating income for the quarter ended September 30. 4. Prepare a balance sheet as of September 30. oints Skipped Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 eBook Prepare a schedule of expected cash collections for July, August, and September. References Schedule of Expected Cash Collections Month Quarter July August September $ 0 From July sales 0 From August sales 0 From September sales 0 Total cash collections $ o $ 0 $ o $ 0 Check my work 8 1 Dranard a cahaddilla of nunnstad rach callastions for bill Alilist and Cantambor ! Required information 2-W. Prepare a schedule UI expected casil disbursements TO1 mecid luise purchases 101 July, August, dilu september. 3. Prepare an income statement that computes net operating income for the quarter ended September 30. 4. Prepare a balance sheet as of September 30. oints Skipped Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Reg 4 eBook Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. References Merchandise Purchases Budget July August September Quarter Total needs Required purchases 8Check my work 8 1 Dranard a cahaddilla of nunnstad rach callastions for bill Alilist and Cantambor ! Required information 4-W. Prepare a schedule UI expected casil disbursements IUI merchandise purchases 101 July, August, dilu september. 3. Prepare an income statement that computes net operating income for the quarter ended September 30. 4. Prepare a balance sheet as of September 30. oints Skipped Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 eBook Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. References Schedule of Cash Disbursements for Purchases July August September Quarter $ 0 From July purchases 0 From August purchases 0 From September purchases 0 Total cash disbursements $ o$ 0 $ 0 $ 0 Check my work 8 1 Dranard a cahaddilla of nunnstad rach callastions for bill Alilist and Cantambor ! Required information 4-W. Prepare a schedule UI expected casil disbursements TO1 mecid luise purchases 101 July, August, dilu september. 3. Prepare an income statement that computes net operating income for the quarter ended September 30. 4. Prepare a balance sheet as of September 30. oints Skipped Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 eBook Prepare an income statement that computes net operating income for the quarter ended September 30. References Beech Corporation Income Statement For the Quarter Ended September 30 0 $ 0 8Check my work 8 ! Required information Req 1 Req 2A Req 2B Req 3 Req 4 oints Skipped Prepare a balance sheet as of September 30. Beech Corporation Balance Sheet eBook September 30 Assets References Total assets $ 0 Liabilities and Stockholders' Equity Total liabilities and stockholders' equity $ 0 8