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 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Llabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Totallieties and stockholders' equity $ 82.000 129.000 52,500 217 000 $ 480,500 S 78,000 347 000 55,500 $ 480,500 Required information 20.00 points Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July August September, and October will be $280,000 $300,000 $290 000, and $310,000, 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 of the accounts receivable at June 30 will be collected in July 3. Each month's ending inventory must equal 25% of the cost of next month's sales. The cost of goods sold is 75% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% 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 $5,000 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. Also compute total cash collections for the quarter ended September 30. Schedule of Expected Cash Collections Month July August September Quarter From accounts recelvable From July sales From August sales From September sales Total cash collections 2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. Merchandise Purchases Budget July August September Total Budgeted cost of goods sold Total needs Required purchases 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. Total Schedule of Cash Disbursements for Purchases July August September From accounts payable From July purchases From August purchases From September purchases Total cash disbursements 3. Prepare an income statement for the quarter ended September 30. Beech Corporation Income Statement For the Quarter Ended September 30 4. Prepare a balance sheet as of September 30. Beech Corporation Balance Sheet September 30 Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity

O�Leary Corporation manufactures special purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only builds to order (each unit is built to customer specifications).O�Leary uses a normal job costing system. Direct labor at O�Leary is paid $17 per hour, but the employees are not paid if they are not working on jobs. Manufacturing overhead is assigned to jobs by a predetermined rate on the basis of direct labor-hours. The company incurred manufacturing overhead costs during two recent years (adjusted for price-level changes using current prices and wage rates) as follows:Year 1Year 2Direct labor-hours worked69,00054,000Manufacturing overhead costs incurredIndirect labor$2,760,000$2,160,000Employee benefits1,035,000810,000Supplies690,000540,000Power552,000522,000Heat and light138,000138,000Supervision716,250656,250Depreciation1,982,5001,982,500Property taxes and insurance751,250751,250Total manufacturing overhead costs$8,625,000$7,560,000At the beginning of year 3, O�Leary has two jobs, which have not yet been delivered to customers. Job MC-270 was completed on December 27, year 2. It is scheduled to ship on January 7, year 3. Job MC-275 is still in progress. The predetermined rate in year 2 was $130 per direct labor hour. Data on direct material costs and direct labor-hours for these jobs in year 2 follow:JobMC-270JobMC-275Direct material costs$270,000$495,000Direct labor-hours2,500hours3,200hoursDuring year 3, O�Leary incurred the following direct material costs and direct labor hours for all jobs worked in year 3, including the completion of Job MC-275.Direct material costs$11,840,000Direct labor-hours74,000Actual manufacturing overhead$9,120,000For the purpose of computing the predetermined overhead rate, O�Leary uses the previous year�s actual overhead rate. At the end of year 3, there were four jobs that had not yet shipped. Data on these jobs follow:MC-389MC-390MC-397MC-399Direct materials$43,200$67,000$103,500$28,900Direct labor-hours1,740hours2,700hours6,100hours1,300hoursJob statusFinishedFinishedIn progressIn progressRequired:(a)What was the amount in the beginning Finished Goods and beginning Work-In-Process accounts for year 3?(b)O�Leary incurred direct materials cost of $57,000 and used an additional 300 hours in year 3 to complete job MC-275. What was the final (total) cost charged to job MC-275?(c)What was over- or underapplied overhead for year 3?(d)

An electing S corporation has a 30 000 ordinary loss for
An electing S corporation has a $30,000 ordinary loss for the non-leap year. On January 1, Beverly and Sonya own equally all of the S corporation stock. On the 146th day of the year, Beverly gives her one-half of the S corporation stock to her daughter Becky. How much of the $30,000 ordinary loss is allocated to Sonya? Show calculations.

An electing S corporation has a 30 000 ordinary loss for

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Problem 3 – 12 points Savalas Industries produces shampoo in a continuous process. During the month of March, Savalas had the following results: 400 gallons, thcluding material cost of $758 and Beginning work in process inventory conversion cost of $1,142. The work in process was 100% complete as to materials and 70% complete as to conversion During the month, Savalas placed 6,000 more gallons into production. They also added $12,346 of materials and $15,882 of conversion cost. At the end of October 800 gallons remain in process, 80% complete as to materials and 60% complete as to conversion. Calculate the following items: امام Total gallons to account for 400+ 6000 = 6400 5600 3800 €2) Gallons completed 4600-800-3200 6080 Number of equivalent gallons of conversion cost 3080 in) IN 2.50 800+ 3800 860 = Conversion cost per equivalent unit 2280+ (1142+121346): 3000 13488 Conversion cost in the gallons completed 4.399 4048 2560 Conversion cost in the ending inventory 400 84.4 = 480 1344 1760 EU

Refer to the balance sheet of Apple in Appendix A. Does it use the direct write-off method or allowance method in accounting for its Accounts Receivable? What is the realizable value of its receivable’s balance as of September 26, 2009?View Solution:
Refer to the balance sheet of Apple in Appendix A