2 Required information The following information applies to the questions played 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 01 Accounts reivable Exetary Total Liabilities and stockholders buity accounts payable Betained weig Con stack 4. $2.500 317.006 34,5 7,000 347,900 35,500 480,505 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 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 15% of the cost of next month's sales. The cost of goods sold is 70% 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 $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 2-a. Prepare a merchandise purchases budget for July, August, and September Also compute total merchandise purchases for the quarter ended September 30 2-0 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 3. Prepare an income statement 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 Rag 2 Req M3 RAQ Prepare a schedule of expected cash collections for July, August, and September. Alsa compute tutal cash collections for the quarter ended September 30 Schels of Expected Cash Collections From August s Total cash collections Anly Marth Quarter Rg3A