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0 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 $ 81,000 Accounts receivable 132,000 Inventory 56,250 Plant and equipment, net of depreciation 214,000 Total assets $ 483.250 Liabilities and Stockholders' Equity Accounts payable $ 75,000 Common stock 346,000 Retained earnings 62.250 Total liabilities and stockholders' equity $ 483, 250 Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Shee 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 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 56,250 214,000 $.483,250 $ 75,000 346,000 62,250 $ 483,250 exercise 8-13 REV (Algo) Heech's managers have made the following additional assumptions and estimates: VitalSource Books thwest Airline A Letter to ter to Mother ter 8 - Homework 2 - Algorithmic Seved Help S 2 Total liabilities and stockholders' equity $ 483,250 Exercise 8-13 REV (Algo) Beech's managers have made the following additional assumptions and estimates: es 1. Estimated sales for July, August September, and October will be $250,000, $270,000, $260,000, and $280,000, 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 20% of the cost of next month's sales. The cost of goods sold is 75% 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 $46,000. Each month $5,000 of this total amount is depreciation expense and the remaining $41,000 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. 2-6. 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. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 8 - Homework 2 - Algorithmic Save Required information 2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July August, and September. Also total cash disbursements for merchandise purchases for the quarter ended September 30. Complete this question by entering your answers in the tabs below. Reg 1 RE2A Reg 28 Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. Quarter Merchandise Purchases Budget July August September Budgeted sales $ 250,000 $ 270,000 $ 260,000 Add: Desired ending merchandise inventory 187,500 202,500 195,000 Total needs Less: Beginning merchandise inventory Required purchases Required information 2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. A total cash disbursements for merchandise purchases for the quarter ended September 30. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. Als compute total cash disbursements for merchandise purchases for the quarter ended September 30. Schedule of Cash Disbursements for Purchases July August September Quarter $ 0 0 0 From July purchases From August purchases From September purchases Total cash disbursements 0 $ 0 $ 0 $ 0 0

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