Session 19 Saved Help Save & Exit Submit 3 Part 2 of 2 [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 10 points Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation $ 75,000 140,000 66,500 227,000 $ 508,500 Total assets Liabilities and Stockholders' Equity eBook Accounts payable Retained earnings Total liabilities and stockholders' equity $ 508,500 Print Common stock $ 88,000 311,000 109,500 References Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $380,000, $400,000, $390,000, and $410,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 45% in the month of sale and 55% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. 3. Each month's ending inventory must equal 15% of the cost of next month's sales. The cost of goods sold is 70% of sales. The company pays for 30% of its merchandise purchases in the month of the purchase and the remaining 70% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. 4. Monthly selling and administrative expenses are always $52,000. Each month $7,000 of this total amount is depreciation expense and the remaining $45,000 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. Also compute total cash collections for the quarter ended September 30. 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. Also compute total cash disbursements for merchandise purchases for the quarter ended September 30. 3. Prepare an income statement for the quarter ended September 30. 4. Prepare a balance sheet as of September 30. Check my work Session 19 3 Part 2 of 2 ! cohodule of Required information 4. Prepare a balance sheet as of September 30. Saved archandian nu for July, August Complete this question by entering your answers in the tabs below. 10 points Req 1 Req 2A Req 2B Req 3 Req 4 eBook Print References and Alan commuta Prepare a schedule of expected cash collections for July, August, and September. Also compute total cash collections for the quarter ended September 30. Schedule of Expected Cash Collections From July sales From August sales From September sales Total cash collections $ Month July August September Quarter $ 0 0 0 0 0 $ 0 $ 0 $ 0 < Req 1 Req 2A > Help Save & Exit Submit Check my work Session 19 i Saved Dranova a cabodule of nunnated anch dinhumamanta far marahandian murahanan far I. ... AuNuCt and Santambar 3 ! Required information Part 2 of 2 4. Prepare a balance sheet as of September 30. Complete this question by entering your answers in the tabs below. 10 points Req 1 Req 2A Req 2B Req 3 Req 4 eBook Print References Alon commuta Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. Total needs Merchandise Purchases Budget July August September Quarter Required purchases < Req 1 Req 2B > Help Save & Exit Submit Check my work Session 19 1 Saved 3 Dronare a achadula of uncated nach dishuramanta for marchandian for I... Augunt and Contamhar Also commuita ! Required information Part 2 of 2 4. Prepare a balance sheet as of September 30. Complete this question by entering your answers in the tabs below. 10 points Req 1 Req 2A Req 2B Req 3 Req 4 eBook Print References Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. Also compute total cash disbursements for merchandise purchases for the quarter ended September 30. Schedule of Cash Disbursements for Purchases From July purchases From August purchases From September purchases Total cash disbursements July August September Quarter $ 0 0 0 0 0 $ 0 $ 0 $ 0 < Req 2A Req 3 > Help Save & Exit Submit Check my work Session 19 i 3 ! Part 2 of 2 10 points eBook Print References Saved Help Save & Exit Submit Required information Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 Prepare an income statement for the quarter ended September 30. Beech Corporation Income Statement For the Quarter Ended September 30 0 0 0 < Req 2B Req 4 Check my work Session 19 3 Required information Req 1 Req 2A Req 2B Req 3 Req 4 Part 2 of 2 10 points Prepare a balance sheet as of September 30. Assets eBook Print References Beech Corporation Balance Sheet September 30 Total assets $ 0 Liabilities and Stockholders' Equity Total liabilities and stockholders' equity $ 0 Saved Help Save & Exit Submit Check my work