Homework Answers
1)
| Schedule of Expected Cash Collections | ||||
| Month | ||||
| July | August | September | Quarter | |
| From accounts receivable | $126000 | $126000 | ||
| From July sales | (310000*35%)= 108500 | (310000*65%)= 201500 | 310000 | |
| From August sales | (330000*35%)= 115500 | (330000*65%)= 214500 | 330000 | |
| From September sales | (320000*35%)= 112000 | 112000 | ||
| Total cash collections | $234500 | $317000 | $326500 | $878000 |
2-a)
| Merchandise Purchases Budget | ||||
| July | August | September | Quarter | |
| Budgeted cost of goods sold | (310000*75%)= $232500 | (330000*75%)= $247500 | (320000*75%)= $240000 | $720000 |
| Add: Desired ending merchandise inventory | 74250 | 72000 | 76500 | 76500 |
| Total needs | 306750 | 319500 | 316500 | 796500 |
| Less: Beginning merchandise inventory | 69750 | 74250 | 72000 | 69750 |
| Required production | $237000 | $245250 | $244500 | $726750 |
Calculation of Desired ending merchandise inventory
July= $247500*30%= $74250
August= $240000*30%= $72000
September = $340000*75%*30%= $76500
b)
| Schedule of Cash Disbursements for Purchases | ||||
| July | August | September | Quarter | |
| From accounts payable | $81000 | $81000 | ||
| For July purchases | (237000*40%)= 94800 | (237000*60%)= 142200 | 237000 | |
| For August purchases | (245250*40%)= 98100 | (245250*60%)= 147150 | 245250 | |
| For September purchases | (244500*40%)= 97800 | 97800 | ||
| Total cash disbursements | $175800 | $240300 | $244950 | $661050 |
3)
| Beech Corporation | |
| Income Statement | |
| For the Quarter Ended September 30 | |
| Sales ($310000+330000+320000) | $960000 |
| Cost of goods sold | 720000 |
| Gross profit | 240000 |
| Selling and administrative expenses (58000*3) | 174000 |
| Net income | $66000 |
4)
| Beech Corporation | |
| Balance Sheet | |
| September 30 | |
| Assets | |
| Cash | $143950 |
| Accounts receivable ($320000*65%) | 208000 |
| Inventory | 76500 |
| Plant and equipment, net of depreciation | 202000 |
| Total assets | $630450 |
| Liabilities and Stockholders' Equity | |
| Accounts payable (244500*60%) | 146700 |
| Common stock | 348000 |
| Retained earnings ($69750+66000) | 135750 |
| Total liabilities and stockholders' Equity | $630450 |
Cash= Beginning balance+Cash collected-Cash disbursements-Selling and administrative expenses
= $83000+878000-661050-(52000*3)= $143950
Depreciation for the quarter= $6000*3= $18000
Plant and equipment= $220000-18000= $202000
Add Answer to:
Required: 1. Prepare a schedule of expected cash collections for July August, and September 2-a. Prepare...
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 (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 [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...
Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-9, LO8-10] [The...
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
$...
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 (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 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...
Chel Required information The following information applies to the questions displayed below.) Beech Corporat...
Chel 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 Stokkholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 96,000 139,000 70.200...
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...
Check my work Beech Corporation is a merchandising company that is preparing a master budget for...
Check my work 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: points 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 $ 84,000 144,000 63.750 223,000 $ 514,750 cBook $ 84,000 349.000...
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 (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 [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...
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
$...
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 (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 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...
Chel 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 Stokkholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 96,000 139,000 70.200...
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...
Check my work 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: points 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 $ 84,000 144,000 63.750 223,000 $ 514,750 cBook $ 84,000 349.000...
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