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Chapter 8(2) i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2 Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-9, LO8-10] 10 [The following information applies to the questions displayed below.] points 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 Accounts receivable 139, 000 Inventory 70, 200 Plant and equipment, net of depreciation 228, 000 Total assets $ 533, 200 Liabilities and Stockholders' Equity Accounts payable $ 89, 000 Common stock 333, 000 Retained earnings 111, 200 Total liabilities and stockholders' equity $ 533, 200 Exercise 8-12 (Algo) Beech's managers have made the following additional assumptions and estimates:Chapter 8(2) 0 Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2 Exercise 8-12 (Algo) 10 Beech's managers have made the following additional assumptions and estimates: points A Estimated sales for July, August, September, and October will be $390,000, $410,000, $400,000, and $420,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All ofthe 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 60% of sales. The company pays for 40% of its merchandise purchases in the month ofthe purchase and the remaining 60% in the month following the purchase. All ofthe accounts payable at June 30 will be paid in July. 4. Monthly selling and administrative expenses are always $54,000. Each month $7,000 of this total amount is depreciation expense and the remaining $47,000 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. 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. 9 Answer is complete but not entirely correct. Chapter 8(2) i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 2 T. I I CNUIC U NUIUIICE SHICEL US UI JENICITINGI J Required information 10 Complete this question by entering your answers in the tabs below. points Req 1 Req 2A Req 2B Req 3 Req 4 Prepare a schedule of expected cash collections for July, August, and September. Schedule of Expected Cash Collections Month Quarter July August September From accounts receivable $ 139,000 $ 139,000 From July sales 99,725 X 290,275 X 390,000 From August sales 93,275 X 316,725 X 410,000 From September sales 140,000 140,000 $ $ $ Total cash collections 238,725 383,550 $ 456,725 1,079,000 Chapter 8(2) 0 Saved 4 10 points eBook Print References Help 1. All merchandise purcnases are on account. Iwenty percent or mercnanorse Inventory purchases are paid In the montn or the purchase and the remaining 80% is paid in the month after the purchase. The accounts receivable at June 30 will be paid in July. The budgeted inventory balance at July 31 is $35,100. Depreciation expense is $4,920 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred. 5. The company's cash budget for July shows expected cash collections of $87,100, expected cash disbursements for merchandise purchases of $48,900, and cash paid for selling and administrative expenses of $19,680. FE\" Required: 1. For the month of July, calculate the following: a. Budgeted sales b. Budgeted merchandise purchases c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31. Complete this question by entering your answers in the tabs below. Required 1A Required 15 Required 1C Required 1D Required 2 Save & Exit Submit Check my work 1O Chapter 8(2) 0 Saved 4 10 points eBook Print References Help 1. All merchandise purcnases are on account. Iwenty percent or mercnanorse Inventory purchases are paid In the montn or the purchase and the remaining 80% is paid in the month after the purchase. The accounts receivable at June 30 will be paid in July. The budgeted inventory balance at July 31 is $35,100. Depreciation expense is $4,920 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred. 5. The company's cash budget for July shows expected cash collections of $87,100, expected cash disbursements for merchandise purchases of $48,900, and cash paid for selling and administrative expenses of $19,680. FE\" Required: 1. For the month of July, calculate the following: a. Budgeted sales b. Budgeted merchandise purchases c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31. Complete this question by entering your answers in the tabs below. Required 1A Required 15 Required 1C Required 1D Required 2 Save & Exit Submit Check my work 1O Chapter 8(2) 0 Saved 4 10 points eBook Print References Help 1. All merchandise purcnases are on account. Iwenty percent or mercnanorse Inventory purchases are paid In the montn or the purchase and the remaining 80% is paid in the month after the purchase. The accounts receivable at June 30 will be paid in July. The budgeted inventory balance at July 31 is $35,100. Depreciation expense is $4,920 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred. 5. The company's cash budget for July shows expected cash collections of $87,100, expected cash disbursements for merchandise purchases of $48,900, and cash paid for selling and administrative expenses of $19,680. FE\" Required: 1. For the month of July, calculate the following: a. Budgeted sales b. Budgeted merchandise purchases c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31. Complete this question by entering your answers in the tabs below. Required 1A Required 15 Required 1C Required 1D Required 2 Save & Exit Submit Check my work 1O Chapter 8(2)\" Saved Help saveaem Submit 10 points 10 Check my work Required 1A Required 15 Required 1C Required 1D Required 2 Prepare a budgeted balance sheet as of July 31. eBook Print References Total liabilities and stockholders' equity Chapter 8(2) 0 Saved Help Save & Exit Submit 10 Check my work 5 Problem 8-31 (Algo) Completing a Master Budget [LO8-2, L08-4, L08-7, L08-8, L08-9, L08-10] Hillyard Company, an ofce supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: 10 points a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: eBook Cash $ 55,000 Pm\" Accounts receivable 212,000 f Inventory 60,000 Re erences Buildings and equipment (net) 365,000 Accounts payable :1; 89,625 Common stock 500,000 Retained earnings 102,375 $ 692,000 $ 692,000 b Actual sales for December and budgeted sales for the next four months are as follows: December(actual) $ 265,000 January $ 400,000 February 15 597,000 March $ 312,000 April $ 208,000 c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.) e. Monthly expenses are budgeted as follows: salaries and wages, $30,000 per month: advertising, $66,000 per month; shipping, 5% Chapter 8(2) 0 Saved Help Save & Exit Submit 10 Check my work January $ 400,000 February is 597,000 March $ 312,000 April. 58 208,000 10, c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts points . . receivable at December 31 are a result of December credit sales. d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.) e. Monthly expenses are budgeted as follows: salaries and wages, $30,000 per month: advertising, $66,000 per month; shipping, 5% eBook . . . . . . . . . of sales; other expenses, 3% of sales. DepreCIatIon, Including depreCIatIon on new assets achIred during the quarter, Will be Print $44,500 for the quarter. f. Each month's ending inventory should equal 25% ofthe following month's cost of goods sold. References One-half ofa month's inventory purchases is paid for in the month of purchase; the other half is paid in the following month. During February, the company will purchase a new copy machine for $2,500 cash. During March, other equipment will be purchased for cash at a cost of $77,500. i. During January, the company will declare and pay $45,000 in cash dividends. j. Management wants to maintain a minimum cash balance of $30,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. .34: Required: Using the data above, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections: 2-a. Merchandise purchases budget: 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget: 4. Prepare an absorption costing income statement for the quarter ending March 31. 5. Prepare a balance sheet as of March 31. Chapter 8(2) 0 SGVEU Help Save & Exit Submit 10 Check my work ! ; 1. Schedule of expected cash collections: 2-a. Merchandise purchases budget: 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget: 10 4. Prepare an absorption costing income statement for the quarter ending March 31. points 5. Prepare a balance sheet as of March 31. EBDOK Complete this question by entering your answers in the tabs below. Print References Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 Complete the Schedule of expected cash collections: Cash sales $ 80,000 Credit sales 212,000 Total collections $ 292,000 Required 2A > Chapter 8(2) 0 Saved 10 points eBook Print References 'I. bcneauue or expected casn conectlons: 2-a. Merchandise purchases budget: 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget: 4. Prepare an absorption costing income statement for the quarter ending March 31. 5. Prepare a balance sheet as of March 31. Complete this questlon by enterlng your answers In the tabs below. Required 1 Required 2A Required 25 Required 3 Required 4 Required 5 Complete the merchandise purchases budget: Budgeted cost of goods sold $240,000' $ 358.200 Add desired ending inventory 89,5501' Total needs 329,550 Less beginning inventory 60000 CC: Required purchases $ 269,550 *$400,000 sales x 60% cost ratio = $240,000. T$358,200 X 25% = $89,550. Help Save & Exit Submit Check my work Chapter 8(2) i Saved Help Save & Exit Submit 10 Check my work 5 1. Schedule Of expected casn collections: 2-a. Merchandise purchases budget: 2-b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget: 4. Prepare an absorption costing income statement for the quarter ending March 31. 10 5. Prepare a balance sheet as of March 31. points Complete this question by entering your answers in the tabs below. eBook Print Required 1 Required 2A Required 2B Required 3 Required 4 Required 5 References Complete the schedule of expected cash disbursements for merchandise purchases. Schedule of Expected Cash Disbursements for Merchandise Purchases January February March Quarter December purchases $ 89,625 January purchases 134,775 134,775 February purchases March purchases Total cash disbursements for purchases --Chapter 8(2) i Saved Help Save & Exit Submit 10 Check my work 5 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Hillyard Company Cash Budget 10 points January February March Quarter Beginning cash balance $ 55,000 eBook Add collections from customers 292,000 Total cash available Print Less cash disbursements: References Inventory purchases 224,400 Selling and administrative expenses 128,000 Equipment purchases Cash dividends 45,000 Total cash disbursements 397,400 Excess (deficiency) of cash Financing: Borrowings Repayments Interest Total financing Ending cash balance Chapter 8(2) i Saved Help Save & Exit Submit 10 Check my work 5 Ticpai all aUSVI PLIVII CUSLITly IIICVITIC SLALCITICEIL IVI LIE quaILCI CHIUIlly TaICHI JI. Hillyard Company Income Statement For the Quarter Ended March 31 10 points Cost of goods sold: eBook Print References Selling and administrative expenses: Chapter 8(2)\" Saved Help Save&Exit Submit 5 1O Assets points 10 Check my work Current asseis: eBook Print References Total current assets :I::I Total assets Llabllltles and Stockholders' Equity Current liabilities: Egg Stockholders' equity: Total liabilities and stockholders' equity