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Beech's managers have made the following additional assumptions and estimates: 1. Estimated story, August September and October will be $410,000, 5430.000 $420,000 and $140,000, respectively 2. All sales are on credit and credit sies 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 3. Each month's ending inventory must qual 30% of the cost of next month's sles. The cost of goods sold is 70% 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. Moreling and administrative expenses we ways 558,000. Each month $8.000 of this total amount is depreciation expense and the remaining 550,000 relates to expenses that are paid in the month they are 6. The company does not plan to borrow money or pay or declaredvids during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter anded September 2-4. Prepare a merchandise purchases budget for July August, and Sember. Also como merchandise purchases for the ended September 30 Answer is not complete. Merchandise Purchases Budget July September Total $287.000 53010003 294.000.000 Bulgated cost of goods sold 0.000 6.000 45 19.00 $200.000 300.000 T30 2. Pare chedule of expected cash disbursements for marchandise purchases for Augs, and September Aise compte total cash disbursements for merchandise purchases for the quarter ended September Answer is complete but not entirely correct. Schedule of Cashe Dibrements for Purchases Total 91.000 $ 91,000 1310 1740 120.000 31.540 28 300 Check Your Work Beech Corporation Income Statement For the Quarter Ended September 30 $ Sales 1,260,000 Cost of goods sold 882.000 Gross margin 378,000 Selling and administrative (150,000) expenses Net operating income 228.000 Interest expense (24,000) Net income $ 204,000 4. Prepare a balance sheet as of September 30, Answer is not complete. Beech Corporation Balance Sheet September 30 Assets Total assets Liabilities and Stockholders' Equity 0 Tots and stockholders' equily [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 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earings Total ties and stockholders' equity $ 75.000 137.000 86100 230,000 $ 529100 $ 91000 312,000 126100 5 529.100 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July August September, and October will be $410,000, $430,000, $420,000, and 5440,000, respectively 2. All sales weon credit and all credits 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 3. Each month's ending inventory must equal 30% of the cost of next month's sales. The cost of goods sols 70% of sales. The company pays for 40% of the 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 wil be paid in 4. Monthly eling and administrative expenses are always 558,000. Each month $5,000 of this total amount is depreciation expense and the remaining $50,000 related to expenses that are paid in the month they 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 Required: 1. Prepare a schedule of expected cash collections for Jay, August, and September. Also compute total cash collections for the quarter ended September 30. Schedule of Expected Cash Collections Month July August September Quarter From our $137.000 $ 137.000 From us 54500 296.500 410.000 From Agus 150.00 279.500 430.000 From tomber 147.000 $ 280.500 S 417.000 S 426.500 $1,124,000 2. Prepare a merchandise purchases budget for July August, and September. Also compute total merchandise purchases for the quarter ended September 30, Merchandise Purchases Budget July August September Total $ 287 000 $ 301.000 24.000 12.000 Budgeted cost of goods sold Total needs 42.900 0.000 6,000 45,900 Required purchases $ 329.00 288.000 300.000 $27.000 2-0. 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 Schedule of Cash Direments for Purchases wy August September $ 1.000 From you 13190 TOTS From August purch 178 329 300 298.000 $ 2220 S 317,140 52.00 58.00 Check Your Work Individual E Fall 2020 Pannet Google Sheets Chapter 9 HW For the Quarter Ended September 30 Sales $ 1,260,000 Cost of goods sold 882,000 Gross margin 378,000 Selling and administrative expenses (150,000) Net operating income 228,000 Interest expense (24,000) Net income $ 204,000 4. Prepare a balance sheet as of September 30. Beech Corporation Balance Sheet September 30 Assets Total assets Liabilities and Stockholders' Equity $ 0 Total liabilities and stockholders' equity $ 0 Beech's managers have made the following additional assumptions and estimates: 1. Estimated story, August September and October will be $410,000, 5430.000 $420,000 and $140,000, respectively 2. All sales are on credit and credit sies 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 3. Each month's ending inventory must qual 30% of the cost of next month's sles. The cost of goods sold is 70% 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. Moreling and administrative expenses we ways 558,000. Each month $8.000 of this total amount is depreciation expense and the remaining 550,000 relates to expenses that are paid in the month they are 6. The company does not plan to borrow money or pay or declaredvids during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter anded September 2-4. Prepare a merchandise purchases budget for July August, and Sember. Also como merchandise purchases for the ended September 30 Answer is not complete. Merchandise Purchases Budget July September Total $287.000 53010003 294.000.000 Bulgated cost of goods sold 0.000 6.000 45 19.00 $200.000 300.000 T30 2. Pare chedule of expected cash disbursements for marchandise purchases for Augs, and September Aise compte total cash disbursements for merchandise purchases for the quarter ended September Answer is complete but not entirely correct. Schedule of Cashe Dibrements for Purchases Total 91.000 $ 91,000 1310 1740 120.000 31.540 28 300 Check Your Work Beech Corporation Income Statement For the Quarter Ended September 30 $ Sales 1,260,000 Cost of goods sold 882.000 Gross margin 378,000 Selling and administrative (150,000) expenses Net operating income 228.000 Interest expense (24,000) Net income $ 204,000 4. Prepare a balance sheet as of September 30, Answer is not complete. Beech Corporation Balance Sheet September 30 Assets Total assets Liabilities and Stockholders' Equity 0 Tots and stockholders' equily [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 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earings Total ties and stockholders' equity $ 75.000 137.000 86100 230,000 $ 529100 $ 91000 312,000 126100 5 529.100 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July August September, and October will be $410,000, $430,000, $420,000, and 5440,000, respectively 2. All sales weon credit and all credits 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 3. Each month's ending inventory must equal 30% of the cost of next month's sales. The cost of goods sols 70% of sales. The company pays for 40% of the 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 wil be paid in 4. Monthly eling and administrative expenses are always 558,000. Each month $5,000 of this total amount is depreciation expense and the remaining $50,000 related to expenses that are paid in the month they 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 Required: 1. Prepare a schedule of expected cash collections for Jay, August, and September. Also compute total cash collections for the quarter ended September 30. Schedule of Expected Cash Collections Month July August September Quarter From our $137.000 $ 137.000 From us 54500 296.500 410.000 From Agus 150.00 279.500 430.000 From tomber 147.000 $ 280.500 S 417.000 S 426.500 $1,124,000 2. Prepare a merchandise purchases budget for July August, and September. Also compute total merchandise purchases for the quarter ended September 30, Merchandise Purchases Budget July August September Total $ 287 000 $ 301.000 24.000 12.000 Budgeted cost of goods sold Total needs 42.900 0.000 6,000 45,900 Required purchases $ 329.00 288.000 300.000 $27.000 2-0. 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 Schedule of Cash Direments for Purchases wy August September $ 1.000 From you 13190 TOTS From August purch 178 329 300 298.000 $ 2220 S 317,140 52.00 58.00 Check Your Work Individual E Fall 2020 Pannet Google Sheets Chapter 9 HW For the Quarter Ended September 30 Sales $ 1,260,000 Cost of goods sold 882,000 Gross margin 378,000 Selling and administrative expenses (150,000) Net operating income 228,000 Interest expense (24,000) Net income $ 204,000 4. Prepare a balance sheet as of September 30. Beech Corporation Balance Sheet September 30 Assets Total assets Liabilities and Stockholders' Equity $ 0 Total liabilities and stockholders' equity $ 0