Week 10 Homework t 1 Mc Graw 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 Cash Inventory Plant and equipness, nes of depreciation Mcduste payable Como tock etained earnings Total liabilities and stockholders' equity 10,000 134,000 48,300 203.ese 464,300 $73,000 316,000 45,300 444,300 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $230,000, $250,000, $240,000, and $260,000, respectively 2. All sales are on credit and all credit sales are collected. Each month's c 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 30% of the cost of next month's sales. The cost of goods sold is 70% of sales. The company pays for 40% of its merchandise purchases in the month of the the purchase. All of the accounts payable at June 30 will be paid in July purchase and the remaining 60% in the month following 4. Monthly selling and administrative expenses are always $42,000. Each month $7,000 of this total amount is depreciation expense and the remaining $35,000 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 P 12 of 4 Next > Save & Subm Check my wor Week 10 Homework 1 Required information 3 Prepere an income statement that computes net operating income for the quarter ended September 30 & Prepare a balance sheet as of September 30 Complete this question by entering your answers in the tabs below. Mc Craw www A Prepare a schedule of expected cash collections for July, August, and September Schedule of Expected Cash Cotection From Dependers Tech colections Quarter July $230,000 August Sepnber 80.500 148.500 $230,000 230.000 87.500 182.000 250,000 84,000 64,000 $310.500 $237,000 $245,500 $ 794,000 Prav Req2A > Next > sty Subm Check my work Week 10 Homework 1 Mc Graw 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. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the Quarter ended September 30 August September Quarter Merandise Purchases Budget July 149,500 162.500 $154.000 48,750 46,800 Bugeted cost of goods sold Add Desired ending merchandise inventory Total needs Less Beginning merchandise inventory Required purchases 468.000 Prev 12 Next > Help Save & Ext Subm Check my work eztomheducation.com/cms/indes encontra rowser chhp%253A%252F1252Fmeducation.22 Week 10 Homework 1 - form is dining id Required information , 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. Mc Graw Red 2A Req 28 Req4 Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September Schedule of Cash Disbursements for Purchases Prom accounts payable July August September Quarter 73.000 $73.000 From July purchase From August purchases From September purchases Tal cash dabursements $73,000 $ 05 05 73,000 Req2A Req 3 > Previ 1 2 Next > Check my work Cardale Put tot 2 points 2 IMC Graw THI Required information , , 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 28 Reg Prepare an income statement that computes net operating income for the quarter ended September 30. Sales Beech Corporation Income Statement For the Quarter Ended September 30 Cost of goods sold Gross margin Selling and administrative expenses Net operating income $ 0 Prev 1 2 of 4 Next > Check my work Part 1 of 2 Required information Prepare a sure expected as UUDEN U Hrenume pouy, muy, mu 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. 3 points Req 1 Req 2A Req 20 Req 3 Req 4 0301 eBook Mc Graw Hi 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 Liabilities and Stockholders' Equity Accounts payable S Prev 1 2 of 4 Next >