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. Beach Corporation Balance Sheet June 30 Assets Cash $ 84,800 Accounts receivable 144,000 Inventory 63,750 Plant and equipment, net of depreciation 223,000 Total assets $ 514,750 Liabilities and Stockholders' Equity Accounts payable $84,000 Common stock 349,000 Retained earnings 81.750 Total liabilities and stockholders' equity $ 516,750 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $340,000 $360,000, $350,000, and $370,000, 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 $44,000. Each month $6.000 of this total amount is depreciation expense and the remaining $38,000 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. Reg 1 Red 2A Reg 20 Reg 3 Reg4 Prepare a schedule of expected cash collections for July, August, and September Schedule of Expected Cash Collections Month July August September Quarter from accounts receivable $ 0 From July Sales 0 From August sales O From September sales 0 Total cash collections 0 $ OS 0$ 0 ARTER IV BESKRIVELIT TE Required information . 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. 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. Reg 1 Reg 2A Reg 28 Reg Reg 4 Prepare a merchandis purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30, Merchandise Purchases Budget July August September Quarter Total needs Required purchases Required information , 1. Prepare a schedule of expected cash collections for July, August, and September 2-a. Prepare a merchandise purchases budget for July, Augustand September. Also compute total merchandise purchases for the quarter ended September 30, 2b. 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. Reg 1 Reg 2A Red 20 Reg 3 Reg 4 Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September Schedule of Cash Disbursements for Purchases July August September Quarter 0 From July purchases 0 From August purchases 0 From September purchases Total cash disbursements $ 05 OS 05 0 Requieu. 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. Req1 Req 2A Req 2B Reqp Reg 4 Prepare an income statement for the quarter ended September 30, Beech Corporation Income Statement For the Quarter Ended September 30 0 0 Required information Req1 Reg 2A Reg 2B Reg 3 Reg 4 Prepare a balance sheet as of September 30. Beech Corporation Balance Sheet September 30 Assets Total assets Liabilities and Stockholders' Equity $ 0 Total liabilities and stockholders' equity $ 0