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@E!) Thu 4:16 pM Janee a E 01- Safari File Edt wew History Bookmarks window Help ntos%3A%2F%2fconant.mineducaticn Chapter 8 Homework problams Help Snve&ExiSubmit; Required information company pays tor 40% or its merchandise purchases in the month the purchase end the remaining,60% n the month-ollowing the paurchase. All of the accounts paymble at June 30 wll he paid in July. and the remaining $34.00lates to expenses that are paid in the month they are incurred does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30 0 pants 4. Monthly selling and edministretive experses are always $40,000. Each month $6,000 cf this totel amount is deprecatien expense . The comipany daes not plan to barrw rioney or pay ar decledividencs during the quarler ended Septumker 30. The company Required: 1. Prepere a schedule of expected cash collections for July August, and Septermber. Also compute tatal cash collections fer the cuarter endedl Seotember 30 2-n Prepare a merchandis purch ses budget or July, August and September Also ccmpute total merchandise purchases cr the querter ended September 30. 2-b Prepare schedule of expected cash disbusements for merch ndise purchases for July, August, nd September. Also comute fntotal cash disburserents for merchardise purchases fer the cuarter e-ided September 30 3. Prepare an ncome statement for the quarter encled September 30. 4. Prepare a balanc sneet as af Sepmbr 30. Complete this question by entering your answers in the tabs below. Rea Rcq 2A Rea 3 Raq 4 D+epdre scnedule of expected terh o lectiors for July, August and September. Also oompute total o.sh collector's for th quarter ended September 30. From July sales From Augusl sales From Sepember ls Total cash collecticns 16

Explanation / Answer

Required information is as prepared below:

1. Sales Budget Beech Corporation Sales Budget For the quarter ended September 30 Month Particulars July August September Total October Sales   220,000 240,000 230,000 690,000 250,000 Total Sales $220,000 $240,000 $230,000 $690,000 Beech Corporation Schedule of expected Cash collections For the quarter ended September 30 Month Particulars July August September Total June sales 135,000 135,000 July Sales 77,000 143,000 220,000 August sales 84,000 156,000 240,000 September sales 80,500 80,500 Total collections 212,000 227,000 236,500 675,500 149,500 2. Production Budget Beech Corporation Production Budget For the quarter ended September 30 Month Particulars July August September Total October Sale (a) 220,000 240,000 230,000 690,000 250,000 Cost of Sales (75% of sales ) (a) 165,000 180,000 172,500 517,500 187,500 Planned ending Inventory (b) (25% of next month sale) 45,000 43,125 46,875 46,875 1350 Beginning units (c ) 41,250 45,000 43,125 41,250 46,875 Required purchases (d)= (a+b-c) 168,750 178,125 176,250 523,125 204,475 Beech Corporation Schedule of expected Cash payments For the quarter ended September 30 Month Particulars July August September Total Beginning Accounts Payable $72,000 $72,000 July purchases $67,500 $101,250 $168,750 August Purchases $71,250 $106,875 $178,125 September purchases $70,500 $70,500 Total payments (a+b+c+d) $139,500 $172,500 $177,375 $489,375 $105,750 Beech Corporation Budgeted Income Statement For the quarter ended September 30 Particulars Amount ($) Amount ($) Sales 690,000 Less: Cost of goods sold (75% of sales) 517,500 Gross margin 172,500 Less: Selling and administartive exp Depreciation (6,000*3) 18,000 Selling and adm (34,000*3) 102,000 120,000 Net Income 52,500 Beech Corporation Budgeted balance Sheet Sep-30 Assets Cash (80,000+675,500-489,375-102,000) 164,125 Accounts Receivable 149,500 Inventory 46,875 Property and equipment Net 193,000 Total assets 553,500 Liabilities and Stockholders' Equity Accounts Payable purchases 105,750 Common Stock 345,000 Retained earnings (50,250+52,500) 102,750 Total liabilities and stockholders' equity 553,500 0

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