The following Information appliles to the questions displayed below.] Beech Corp
ID: 2485804 • Letter: T
Question
The following Information appliles 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 recelvable Inventory Plant and equipment, net of depreclation $84,000 44,000 63,750 223,000 Total assets $514,750 Liabilities and Stockholders' Equity Accounts payable Common stock Retalned earnings 84,000 349,000 81,750 Total llabilitles and stockholders' equity 514,750Explanation / Answer
2b) July purchases 212050 Paid in july - 30% 63615 Paid in August - (70% of 212050) 148435 4) Balance Sheet 30-Sep Assets Cash 350370 Accounts receivable 192500 ( 350000 - 157500) Inventory 38850 ( from merchandise purchase budget) Plant & equipment ( net) 205000 ( 223000 - 6000*3) Total Assets 786720 Liabilities and stockholders equity Accounts payable 172970 (247100*70%) Common stock 349000 Retained earnings 264750 786720 0 Cash Balance opening balance 84000 Add collection for the quarter 1001500 Total 1085500 Less Disbursement for purchases as per schedule 297030 July purchases - paid in August 148435 August purchase - paid in September ( 250950*70%) 175665 Selling and administrative expenses ( 38000 * 3) 114000 735130 Cash Balance 350370