Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The companys balance sheet as of June $30$th is shown below:$$ Image $$Beechs managers have made the following additional assumptions and estimates:$1.$Estimated sales for July, August, September, and October will be $$380,000,$ $$400,000,$ $$390,000,$ and $$410,000,$ respectively$\mathrm{.}2.$All sales are on credit and all credit sales are collected. Each months 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$\mathrm{.}3.$Each months ending inventory must equal $25\%$ of the cost of next months 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$\mathrm{.}4.$Monthly selling and administrative expenses are always $$52,000.$ Each month $$7,000$ of this total amount is depreciation expense and the remaining $$45,000$ relates to expenses that are paid in the month they are incurred$\mathrm{.}5.$The company does not plan to borrow money or pay or declare dividends during the quarter ended September $30.$ The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September $30.$Required:$1.$ Prepare a schedule of expected cash collections for July, August, and September$\mathrm{.}2-$a$.$ Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September $30\mathrm{.}2-$b$.$ Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September$\mathrm{.}3.$ Prepare an income statement that computes net operating income for the quarter ended September $30\mathrm{.}4.$ Prepare a balance sheet as of September $30.\backslash$table$[[$Assets$,],[$Beech Corporation$],[$Balance Sheet$],[$June $30],[$Cash$,$$$75,000$