Question

Check my work Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calRequired: 1. Prepare a schedule of expected cash collections for July, August, and September. 2-a. Prepare a merchandise purcRequired: 1. Prepare a schedule of expected cash collections for July, August, and September. 2-a. Prepare a merchandise purcRequired: 1. Prepare a schedule of expected cash collections for July, August, and September. 2-a. Prepare a merchandise purcRequired: 1. Prepare a schedule of expected cash collections for July, August, and September. 2-a. Prepare a merchandise purc4. Prepare a balance sheet as of September 30. Complete this question by entering your answers in the tabs below. Req 1 Req 2

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Solution 1:

Schedule of expected cash collection - Beech Corporation
Particulars July August September Total
Accounts Receivables from June $144,000.00 $144,000.00
Cash received for July Sale $119,000.00 $221,000.00 $340,000.00
Cash received for August Sale $126,000.00 $234,000.00 $360,000.00
Cash received for September Sale $122,500.00 $122,500.00
Budgeted Cash Collection $263,000.00 $347,000.00 $356,500.00 $966,500.00

solution 2a:

Material Purchase Budget - Beech Corporation
Particulars July August September Total
Budgeted Cost of goods sold $255,000.00 $270,000.00 $262,500.00 $787,500.00
Add: Desired ending merchandise inventory $67,500.00 $65,625.00 $69,375.00 $69,375.00
Total Needs $322,500.00 $335,625.00 $331,875.00 $856,875.00
Less: Opening Inventory $63,750.00 $67,500.00 $65,625.00 $63,750.00
Required purchases $258,750.00 $268,125.00 $266,250.00 $793,125.00

Solution 2b:

Schedule of expected cash disbursement for merchandise purchases - Beech Corporation
Particulars July August September Total
Payables from June $84,000.00 $84,000.00
July Purchases $103,500.00 $155,250.00 $258,750.00
August Purchases $107,250.00 $160,875.00 $268,125.00
September Purchases $106,500.00 $106,500.00
Total payments in month $187,500.00 $262,500.00 $267,375.00 $717,375.00

Solution 3:

Income Statement - Beech Corporation
For Quarter Ended - September 30
Particulars Amount
Sales $1,050,000.00
Cost of Sales $787,500.00
Gross Profit $262,500.00
Operating Expenses:
Selling and adminstrative expenses $132,000.00
Net Income $130,500.00

Solution 4:

Balance Sheet- Beech Corporation
30-Sep
Particulars Amount
Assets:
Cash ($84,000 + $966,500 - $717,375 - $114,000) $219,125.00
Accounts receivables ($350,000*65%) $227,500.00
Inventory $69,375.00
Plant and equipment net of depreciation ($223,000 - $18,000) $205,000.00
Total Assets $721,000.00
Liabilities and stockholder's Equity:
Accounts payable ($266,250*60%) $159,750.00
Common Stock $349,000.00
Retained Earnings ($81,750 + $130,500) $212,250.00
Total liabilities and stockholders equity $721,000.00
Add a comment
Know the answer?
Add Answer to:
Check my work Beech Corporation is a merchandising company that is preparing a master budget for...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...

    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 earnings Total liabilities and stockholders' equity $ 90,00 136,000 52.000 210,000 5498.000 $71.100 327.ee 99,900 $498,000 Beech's managers have made the...

  • Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...

    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 earnings Total liabilities and stockholders' equity $ 72,000 128,000 60,900 218,000 $ 478,900 $ 79,000 308,000 91,900 $ 478,900 Beech's managers...

  • Required information [The following information applies to the questions displayed below.) Beech Corporation is a merchandising...

    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 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 $ 81,000 132,000 56,250...

  • Required information (The following information applies to the questions displayed below.) Beech Corporation is a merchandising...

    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 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 $ 92,000 130,000 48,600...

  • Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...

    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 $ 72,000 Accounts receivable 128,000 Inventory 60,900 Plant and equipment, net of depreciation 218,000 Total assets $ 478,900 Liabilities and Stockholders’ Equity Accounts payable $ 79,000 Common stock 308,000 Retained earnings 91,900 Total liabilities and stockholders’ equity $ 478,900 Beech’s managers...

  • [The following information applies to the questions displayed below) Beech Corporation is a merchandising company that...

    [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 earnings Total liabilities and stockholders' equity $ 90,000 136,000 62,000 210,000 $498,000...

  • Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...

    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 Beech Corporation Balance Sheet June 30 Assets $ 90.000 Accounts receivable 136.000 Inventory 62,000 Plant and equipment, net of 210,000 depreciation Total assets $498,000 Liabilities and Stockholders' Equity Accounts payable $ 71,100 Common stock 327,000 Retained earnings 99,900 Total Ilabilities and $498,000 stockholders' equity Beech's managers have made...

  • Required information The following information applies to the questions displayed below.) Beech Corporation is a merchandising...

    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 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Coomon stock Retained earnings Total liabilities and stockholders' equity $ 71,000 131.000 45.500...

  • Required information [The following information applies to the questions displayed below.] Beech Corporation is a merchandising...

    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 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 $ 90,000 136,000 62,000...

  • Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet (LO8-2, LO8-4, LO8-9,...

    Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet (LO8-2, LO8-4, LO8-9, LO8-10] [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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT