Beech Corporation is a merchandising company that is preparing a master budget for the third quarter ofthe calendar year. The company's balance sheet as of June 30th is shown below: Beech Corporation Balance Shect June 30 Canh Accounts receivable Inventory Plant and equipent, net of depreciation Total assets $ 75,000 140,000 66,500 227,000 Liabilities and Stockholders' Equity Accounts payable Common stock $ 88,000 311,000 109,500 $508,500 Total liabilities and stockholders' equity Beech's managers have made the following add tional assumptions and estimates 1. Estimated sales for July, August, September, and October will be $380,000, $400,000, $390,000, and $410,000, 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 45% in the month of 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 4. Monthly selling and administratve expenses are aways $52,000. Each month $7000 of this total amount is 5. The company does not plan to borrow money or pay or declare dlvidends during the quarter ended September 30. respectively. sale and 55% in the month following the sale. Al ofthe accounts receivable at June 30 will be collected in July. 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. depreciation expense and the remaining $45,000 relates to expenses that are paid in the month they are Incurred. 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-b. Prepare a schedule of expected cash disbursements for merchand se purchases for July, August, and September. A so 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 Req 1 Req 2A Req 28 Req 3 Req 4 Prepare a schedule of expected cash collections for July, August, and September. Also compute total cash collections for the quarter ended September 30 of Expected Cash Month August Se uarter accounts receivable 140,000 140,000 From July sales From August sales From September sales Total cash collections