2 10 points eBook Print Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet (L08-2, 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 Canh $ 71,000 Accounts receivable 131,000 Inventory 45,500 Plant and equipment, net of depreciation 215,000 Total assets $ 462,500 Liabilities and Stockholders' Equity Accounts payable $ 76,000 Common stock 307,000 Retained earnings 79,500 Total liabilities and stockholders' equity $ 462,500 References Exercise 8-12 (Algo) Boech's managers have made the following additional assumptions and estimates 1. Estimated sales for July August, September, and October will be $260,000, $280,000, $270,000 and $290,000, 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 haldssumpuons and estimates. Book 1. Estimated sales for July, August September, and October will be $260,000, $280,000, $270,000, and $290,000, 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 70% 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 $48,000. Each month $5,000 of this total amount is depreciation expense and the remaining $43,000 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, Print rences Required: 1. Prepare a schedule of expected cash collections for July, August, and September. 2-0. 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. 3. Prepare an income statement that computes net operating income for the quarter ended September 30. 4. Prepare a balance sheet as of September 30. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 28 Req3 Reg4 Prepare a schedule of expected cash collections for July, August, and September Schedule of Expected Cash Collections 3. report di Side Ons het upeidung HILIRTUEUre quarter eru sem su 4. Prepare a balance sheet as of September 30, 10 Complete this question by entering your answers in the tabs below. oBook Reg 1 Reg 2A Reg 28 Reg 3 Reg 4 Prepare a schedule of expected cash collections for July, August, and September, Pri Schedule of Expected Cash Collections Month July August September References Quarter $ 0 0 0 From July sales From August sales From September sales Total cash collections 0 $ 0 $ os Os 0 Heg 2 > Complete this question by entering your answers in the tabs below. eBook Reg 1 Req ZA Reg 2B Reg 3 Reg 4 Print Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. References Merchandise Purchases Budget July August September Quarter Total needs Required purchases 4. Prepare a balance sheet as of September 30. Complete this question by entering your answers in the tabs below. eBook Reg 1 Reg 2A Reg 28 Reg 3 Reg 4 Print Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September References Schedule of Cash Disbursements for Purchases July August September Quarter $ 0 0 From July purchases From August purchases From September purchases Total cash disbursements 0 $ 05 0 $ 0 $ 0 0 Complete this question by entering your answers in the tabs below. Book Reg 1 Req 2A Reg 28 - Reg 3 Reg 4 Print Prepare an income statement that computes net operating income for the quarter ended September 30. tences Beech Corporation Income Statement For the Quarter Ended September 30 0 $ 0 complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 28 Req3 Req 4 Prepare a balance sheet as of September 30, Book Beech Corporation Balance Sheet September 30 Print Assets References $ 0 Total assets Liabilities and Stockholders' Equity $ 0 Total liabilities and stockholders' equity