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:

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 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 $ 70,000 134,000 48,300 212,000 $464,300 $ 73,000 306,000 85,300 $464,300 Beech's managers have made the following additional assumptions and estimates 1 Estimated sales for July, August, September, and October w be $230,000, $250,000, $240,000, and $260,000, 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of 3. Each month's ending inventory must equal 30% of the cost of next month's sales. The cost of goods sold is 70% of 4. Monthly sel ing and administrative expenses are always $42,000. Each month $7,000 of this total amount is 5. The company does not plan to borrow money or pay or declare dlvMdends during the quarter ended September 30. respectlvely. sale and 65% in the month following the sale. A ofthe accounts receivable at June 30 will be collected in July. 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. A of the accounts payable at June 30 will be paid in July. depreciation expense and the remaining $35,000 relates to expenses that are paid in the month they are incurred. The company does not plan to issue any common stack or repurchase Its own stock during the quarter ended September 30. Required: L Prepare a schedule of expected cash collections for Juy, August, and September 2-a. Prepare a merchandise purchases budget for July, August, and Septembec 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 Rq 2AReq 2B Req 3 Req 4 Prepare a schedule of expected cash collections for July, August, and Septemben e of Expected Cash C Month From July sales rom August sales From September sales Total cash collections e