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Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The companys balance sheet as of June 30th is shown below:

Beech Corporation Balance Sheet June 30
Assets
Cash	$ 73,000
Accounts receivable	125,000
Inventory	56,000
Plant and equipment, net of depreciation	221,000
Total assets	$ 475,000
Liabilities and Stockholders Equity
Accounts payable	$ 82,000
Common stock	309,000
Retained earnings	84,000
Total liabilities and stockholders equity	$ 475,000

2.

value: 1.00 points

Required information

Beechs managers have made the following additional assumptions and estimates:

1.	Estimated sales for July, August, September, and October will be $320,000, $340,000, $330,000, and $350,000, respectively.
2.	All sales are on credit and all credit sales are collected. Each months 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 months ending inventory must equal 15% of the cost of next months sales. The cost of goods sold is 70% 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 $40,000. Each month $6,000 of this total amount is depreciation expense and the remaining $34,000 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. Also compute total cash collections for the quarter ended September 30.

Beech Corporation
Schedule of Expected Cash Collections
	Month
	July	August	September	Quarter
From accounts receivable	$125,000	$0	$0	$125,000
From July sales	144,000	176,000	0	320,000
From August sales	0	153,000	187,000	340,000
From September sales	0	0	148,500	148,500
Total cash collections	$269,000	$329,000	$335,500	$933,500

2-a.	Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30.

Beech Corporation
Merchandise Purchases Budget
	July	August	September	Total
Budgeted cost of goods sold	$224,000	$238,000	$231,000	$693,000
Add: Desired ending merchandise inventory	35,700	34,650	52,500	122,850
Total needs	259,700	272,650	283,500	815,850
Less: Beginning merchandise inventory	56,000	35,700	34,650	126,350
Required purchases	$203,700	$236,950	$248,850	$689,500

2-b.	Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. Also compute total cash disbursements for merchandise purchases for the quarter ended September 30.

Beech Corporation
Schedule of Cash Disbursements for Purchases
	July	August	September	Total
From accounts payable	$82,000	0	0	$82,000
From July purchases	61,110	142,590	0	203,700
From August purchases	0	71,085	165,865	236,950
From September purchases	0	0	74,655	74,655
Total cash disbursements	$143,110	$213,675	$240,520	$597,305

3.

Prepare an income statement for the quarter ended September 30 using an absorption income statement format.

Beech Corporation
Income Statement
For the Quarter Ended September 30
Sales	$990,000
Cost of goods sold	693,000
Gross margin	297,000
Selling and administrative expenses	102,000
Net operating income	195,000
Interest expense	0
Net income	$195,000

4.	Prepare a balance sheet as of September 30.

Beech Corporation
Balance Sheet
September 30
Assets
Cash
Accounts receivable
Inventory
Plant and equipment, net
Total assets	$0
Liabilities and Stockholders' Equity
Accounts payable
Common stock
Retained earnings
Total liabilities and stockholders' equity	$0