Solution 1, 2a and 2b:
Schedule of expected cash collection - Beech Corporation | ||||
Particulars | July | August | September | Total |
Accounts Receivables from June | $1,25,000.00 | $1,25,000.00 | ||
Cash received for July Sale | $1,12,000.00 | $2,08,000.00 | $3,20,000.00 | |
Cash received for August Sale | $1,19,000.00 | $2,21,000.00 | $3,40,000.00 | |
Cash received for September Sale | $1,15,500.00 | $1,15,500.00 | ||
Budgeted Cash Collection | $2,37,000.00 | $3,27,000.00 | $3,36,500.00 | $9,00,500.00 |
Material Purchase Budget - Beech Corporation | ||||
Particulars | July | August | September | Total |
Budgeted Sales | $3,20,000.00 | $3,40,000.00 | $3,30,000.00 | $9,90,000.00 |
Cost of Sales (70% of Sales) | $2,24,000.00 | $2,38,000.00 | $2,31,000.00 | $6,93,000.00 |
Add: Desired ending inventory (25% of COGS of next month) | $59,500.00 | $57,750.00 | $61,250.00 | $61,250.00 |
Less: Opening Inventory | $56,000.00 | $59,500.00 | $57,750.00 | $56,000.00 |
Budgeted purchases (in dollars) | $2,27,500.00 | $2,36,250.00 | $2,34,500.00 | $6,98,250.00 |
Schedule of expected cash disbursement for merchandise purchases - Beech Corporation | ||||
Particulars | July | August | September | Total |
Payables from June | $82,000.00 | $82,000.00 | ||
July Purchases | $91,000.00 | $1,36,500.00 | $2,27,500.00 | |
August Purchases | $94,500.00 | $1,41,750.00 | $2,36,250.00 | |
September Purchases | $93,800.00 | $93,800.00 | ||
Total payments in month | $1,73,000.00 | $2,31,000.00 | $2,35,550.00 | $6,39,550.00 |
Solution 3 and 4:
Income Statement - Beech Corporation | |
For Quarter Ended - September 30 | |
Particulars | Amount |
Sales | $9,90,000.00 |
Cost of Sales | $6,93,000.00 |
Gross Profit | $2,97,000.00 |
Operating Expenses: | |
Selling and adminstrative expenses (40000*3) | $1,20,000.00 |
Net Income | $1,77,000.00 |
Balance Sheet- Beech Corporation | |
30-Sep | |
Particulars | Amount |
Assets: | |
Cash ($73,000 + $900500 - $639550 - $34000*3) | $2,31,950.00 |
Accounts receivables ($330,000*65%) | $2,14,500.00 |
Inventory | $61,250.00 |
Plant and equipment net of depreciation ($221,000 - $6,000*3) | $2,03,000.00 |
Total Assets | $7,10,700.00 |
Liabilities and stockholder's Equity: | |
Accounts payable ($234500*60%) | $1,40,700.00 |
Common Stock | $3,09,000.00 |
Retained Earnings ($84000 + $177,000) | $2,61,000.00 |
Total liabilities and stockholders equity | $7,10,700.00 |
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...
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 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: 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...
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...
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 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...
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 Coomon stock Retained earnings Total liabilities and stockholders' equity $ 71,000 131.000 45.500...