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 30th is shown below:

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Required information (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 Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 75,000 140,000 66,500 227,000 $ 508,500 $ 88,000 311,000 109,500 $ 508,500 Beech's managers have made the following additional assumptions and estimates: Beech's 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. 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 $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. 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. 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 merchandise purchases for July, August, and September. 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 2B Req 3 Req 4 Prepare a schedule of expected cash collections for July, August, and September. Schedule of Expected Cash Collections Month August September Quarter From accounts receivable July $ 140,000 171,000 $ 140,000 209,000 From July sales From August sales From September sales 180,000 380,000 220,000 400,000 184,500 X 184,500 $ $ 404,500 1,104,500 Total cash collections $ 311,000 389,000 Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Reg 3 Req 4 Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purch quarter ended September 30. Quarter $ 819,000 Merchandise Purchases Budget July August Budgeted cost of goods sold $ 266,000 $ 280,000 Add: Desired ending merchandise inventory 42,000 40,950 Total needs 308,000 320,950 Less: Beginning merchandise inventory 39,900 X 42,000 Required purchases $ 268,100 X $ 278,950 September $ 273,000 43,050 316,050 43,050 862,050 39,900 X $ 822,150 40,950 $ 275,100 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 disbursements for merchandise purchases for July, August, and Sept Quarter $ 88,000 Schedule of Cash Disbursements for Purchases July August September From accounts payable $ 88,000 From July purchases 80,430 X 187,670 X From August purchases 83,685 195,265 From September purchases 82,530 268,100 278,950 82,530 Total cash disbursements $ 277,795 $ 717,580 168,430 271,355 Req 1 Req 2A Req 2B Reg 3 Req 4 Prepare an income statement for the quarter ended September 30. Beech Corporation Income Statement For the Quarter Ended September 30 $ Sales 1,170,000 Cost of goods sold 819,000 Gross margin 351,000 Selling and administrative expenses 156,000 Net operating income 195,000 Prepare a balance sheet as of September 30. Beech Corporation Balance Sheet September 30 Assets Cash Accounts receivable 201,350 X 225,500 X 86,100 X Inventory Plant and equipment, net 206,000 Total assets $ 718,950 Liabilities and Stockholders' Equity Accounts payable $ Common stock 192,570 311,000 261,500 X Retained earnings Total liabilities and stockholders' equity $ 765,070 Rea 3