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 S 90,000 Cash 136,000 62,000 Accounts receivable Inventory 210,000 Plant and equipment, net of depreciation $498,000 Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $71,100 327,000 99,900 $498, 000 Total 1iabilities and stockholders equity Beech's managers have made the following additional assumptions and estimates 1. Estimated sales for July, August, September, and October will be $210,000, $230,000, $220,000, and $240,000, 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 willl 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 60% of sales. The company pays for 30 % of its merchandise purchases In the month of the purchase and the remaining 70 % in the month folowing the purchase. All of the accounts payable at June 30 wll be pald in July 4. Monthly selling and administrative expenses are always $60.000. Each month $5,000 of this total amount is depreciation expense and the remalining $55,000 relates to expenses that are pald 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. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 Prepare a schedule of expected cash collections for July, August, and September. Also com for the quarter ended September 30. Schedule of Expected Cash Collections Month July August September Quarter From July sales From August sales From September sales Total cash collections Req 2A Complete this question by entering your answers in the tabs below. FA 2A Req 1 Req 2B Req 3 Req 4 Prepare a merchandise purchases budget for July, August, and September. Also compute t for the quarter ended September 30. Merchandise Purchases Budget July August September Quarter Total needs Required purchases KReq1 Req 2B Complete this question by entering your answers in the tabs below. Req 28 Req 2A Req 1 Req 3 Req 4 Prepare a schedule of expected cash disbursements for merchandise purchases for July compute total cash disbursements for merchandise purchases for the quarter ended Septe Schedule of Cash Disbursements for Purchases August September July From July purch ases From August purchases From September purchases Total cash disbursements Req 3> K Req 2A Req 1 Req 2A Req 2B Req 4 Prepare an income statement for the quarter ended September 30. Beech Corporation Income Statement For the Quarter Ended September 30 Reg 2B Req 4 Prepare a balance sneet as of September 30 Beech Corporation Balance Sheet September 30 Assets Total assets Liabilities and Stockholders Equity Totaliabilities and stockholders equity