HW Exercises Sevet Help Save & Exit Submit 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 $3,000 Accounts receivable 126,000 Inventory 69,750 Plant and equipment, net of depreciation 220,000 Total assets 498,750 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 81,000 345,000 69,750 499,750 Check my work Beech's managers have made the following additional assumptions and estimates 1. Estimated sales for July, August, September, and October will be $310,000, $330,000, $320,000, and $340.000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 45% in the month of sale and 55% 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 20% of the cost of next month's sales. The cost of goods sold is 75% of sales. The company pays for 30% of its merchandise purchases in the month of the purchase and the remaining 70% 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 $58.000. Each month $6.000 of this total amount is depreciation expense and the remaining $52,000 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 2-a. 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 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 ZA Prepare a schedule of expected cash collections for July, August, and September Schedule of Expected Cash Collections From July sales From August sales From September sales Total cash collections Month July August September Quarter Req2A>> Exercises Seed Save & Exit Submit (The tonowing 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 calender year. The company's balance sheet as of June 30th is shown below Beach Corporation Balance Sheet June 30 Check my work Ceah Accounts receivable Inventory Plant and equipment, net of depreciation Total assete Liabilities and Stockholders' Equity Accounts payable Common stock. Betained earnings Total liabilities and stockholders' equity 43,505 126,000 69,756 220,000 5 458,750 $1,000 348,500 69,755 $498,750 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $310,000, $330,000, $320,000, and $340,000, respectively 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 45% in the month of sale and 55% 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 20% of the cost of next month's sales. The cost of goods sold is 75% of sales. The company pays for 30% of its merchandise purchases in the month of the purchase and the remaining 70% 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 $58,000. Each month $6,000 of this total amount is depreciation expense and the remaining $52.000 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 2-a. 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 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. Red 2A Req 28 Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. Total needs Required purchases Merchandise Purchases Budget July August September Quarter Reg Exercises ( Seved Help Save & Exit Submit [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 83,000 Accounts receivable. 126,000 Inventory 69,750 Plant and equipment, net of depreciation 220,000 Total assets 3.498,750 Liabilities and Stockholders' Equity Accounts payable $81,000 Common stock 348,000 Retained earnings 69,750 Total liabilities and stockholders' equity $498,750 Check my work Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $310,000, $330,000, $320,000, and $340,000, respectively 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 45% in the month of sale and 55% 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 20% of the cost of next month's sales. The cost of goods sold is 75% of sales. The company pays for 30% of its merchandise purchases in the month of the purchase and the remaining 70% 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 $58,000. Each month $6,000 of this total amount is depreciation expense and the remaining $52,000 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 2-a. 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 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 Reg 2A Req 20 Req 3 Req 4 Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September Schedule of Cash Disbursements for Purchases From July purchases From August purchases From September purchases Total cash disbursements July August September Quarter > BHW Exercises Seved Help Save & Exit S ine tollowing information appies 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 Check my w Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $3,000 126,000 69.750 220,000 1498,750 $81,000 348,000 69,750 498,750 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $310,000, $330,000, $320,000, and $340,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 45% in the month of sale and 55% 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 20% of the cost of next month's sales. The cost of goods sold is 75% of sales. The company pays for 30% of its merchandise purchases in the month of the purchase and the remaining 70% 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 $58,000. Each month $6,000 of this total amount is depreciation expense and the remaining $52,000 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 2-a. 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 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 24 Req 28 Req3 Req4 Prepare an income statement for the quarter ended September 30. Beech Corporation Income Statement For the Quarter Ended September 30 > W Exercises Plant and equipment, set of depreciation Total assets Liabilities and Stockholders' Equity Common stock Accounts payable Retained earning Total liabilities and stockholders' equity Seved 220,000 $498,750 $81,000 348,000 69,750 $498,750 Help Save & Exit Sub Check my wor Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $310,000, $330,000, $320,000, and $340,000, respectively 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 45% in the month of sale and 55% 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 20% of the cost of next month's sales. The cost of goods sold is 75% of sales. The company pays for 30% of its merchandise purchases in the month of the purchase and the remaining 70% 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 $58,000. Each month $6,000 of this total amount is depreciation expense and the remaining $52,000 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. 2-a. 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 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 24 Reg 20 Req 3 Req 4 Prepare a balance sheet as of September 30. Assets Beech Corporation Balance Sheet September 30 Total assets Liabilities and Stockholders' Equity Total labies and stockholders equity