Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $390,000, $410,000, $400,000, and $420,000, respectively 2.AI sales are on credit and all redit sales are collected. Each months credit sales are collected 35% in ne mon or sale adess nnene receivable at June 30 will be collected in July nekong the sal, Al erre out 3. Each month's ending inventory must equal 30% of the cost of next month's sales. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases month of the purchase and the remaining 60% in the month following the purchase. All of the accounts payable at June 30wil be paid in July. 4. Monthly sell g and administrative expenses are a ways SS4 . Each on S7,000 o s tal amount s de rec ation expense and he e ain ng S47 lates expenses paid in the month they are incurred the are 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 ts 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 Schedule of Expected Cash Collections Month July August September Quarter From accounts receivable From July sales From August sales From September sales Total cash collections 2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30 ses Budget July Total Budgeted cost of goods sold Total needs Required purchases 2-b. Prepare a schedule of expected cash disbursements for the quarter ended September 30. for merchandise purchases for July, August, and September. Also compute total cash disbursements for merchandise purchases Schedule of Cash Disbursements for Purchases July August September From accounts payable From July purchases From August purchases From September purchases Total cash disbursements 3. Prepare an income statement for the quarter ended September 30. Beech Corporation Income Statement For the Quarter Ended September 30 4. Prepare a balance sheet as of September 30. Beech Corporation Balance Sheet September 30 Assets Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity