Beech Corporation: | ||||
Req 1: | ||||
Preparation of schedule of expected cash collections for July, August, and September | ||||
Schedules of Expected Cash Collections: | ||||
Month | ||||
July | August | September | Quarter | |
$ | ||||
Proceeds from Accounts receivable as on June 30th | 129000 | 0 | 0 | 129000 |
From July Sales | 98000 | 182000 | 280000 | |
From August Sales | 0 | 105000 | 195000 | 300000 |
From September Sales | 101500 | 101500 | ||
Total Cash Collections | 227000 | 287000 | 296500 | 810500 |
Req 2A: | ||||
Merchandise Purchases Budget: | July | August | September | Quarter |
Cost of goods sold- 75% on sales | 210000 | 225000 | 217500 | 652500 |
Ending Inventory- 25% of next month sales | 75000 | 72500 | 77500 | 225000 |
Total Needs | 285000 | 297500 | 295000 | 877500 |
Less: Opening Inventory | 52500 | 75000 | 72500 | 200000 |
Required Purchases | 232500 | 222500 | 222500 | 677500 |
Req 2B: | ||||
Schedule of Cash disbursements for Purchases: | ||||
July | August | September | Quarter | |
Amount paid for Accounts payable as on June 30 | 78000 | 0 | 0 | 78000 |
From July Purchases | 93000 | 139500 | 232500 | |
From August Purchases | 89000 | 133500 | 222500 | |
From September Purchases | 89000 | 89000 | ||
Total Cash disbursements | 171000 | 228500 | 222500 | 622000 |
Req 3: | ||||
Beech Corporation: | ||||
Income Statement | ||||
For the quarter ended September 30 | ||||
Sales for the Quarter | 870000 | |||
Less: Purchases | 677500 | |||
192500 | ||||
Less: Opening Inventory | 52500 | |||
140000 | ||||
Add: Closing Inventory | 77500 | |||
Gross Profit | 217500 | |||
Less: Selling, Admininistrative expenses incl dep | 156000 | |||
Net Profit before tax | 61500 | |||
Req 4: | ||||
Beech Corporation: | ||||
Balance sheet | ||||
September 30 | ||||
Assets: | ||||
Cash | 129500 | Opening Cash Balance | 82000 | |
Accounts Receivable | 188500 | Add: Cash collections during the | ||
Inventory | 77500 | quarter | 810500 | |
Plant and equipment, net of depreciation | 202000 | Less: Cash disbursements | ||
Total Assets | 597500 | for purchases | 622000 | |
Less: Payments for Selling | ||||
Liabilities and Stockholder's Equity: | expenses | 141000 | ||
Closing Cash Balance | 129500 | |||
Accounts Payable | 133500 | |||
Common stock | 347000 | |||
Retained Earnings | 117000 | |||
Total Liabilities and Stockholder's Equity: | 597500 |
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...
Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [L08-2, 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 96,000 139,000 70,200 228,000 $533,200 Accounts receivable Inventory Plant and equipment, net of depreciation Total...
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...
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 Accounts payable Common...
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 $ 91,000 Accounts receivable 133,000 Inventory 36,000 Plant and equipment, net of depreciation 213,000 Total assets $...
Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO7-2, LO7-4, LO7-9, LO7-10] 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 $95,000 142,000 54,000 225,000 Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets 516,000 Liabilities...
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 that computes net operating income for the quarter ended September 30, 4. Prepare a balance sheet as of September 30, Complete this question...
Prepare a balance sheet as of September 30. Other info: 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...
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...
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 recelvable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 75,000 140,000 66,500 227,000 $...