Beech's managers made the followng additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $210,000,$230,000,$220,000, and $240,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are colfected 35% in the month of sale and 65% in the month following the sale. All of the accounts recelvable at Jure 30 will be collected lin July. 3. Each monthis 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 in the month of the purchase and the remaining 60% in the month following the purchirse. All of the accounts payable at June 30 will be paid in July. 4. Monthly selling and administrative expenses are always $60,000. Each month $5,000 of this total arnount is depreciation expense arid the remaining $55,000 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 dividerds during the quarter ended September 30 . The compary 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 Septembet, Also, compute total cash collections for the quarter ended September 30 . 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. Also, compute total cash disbursements for merchandise purchases for the quarter ended September 30 . 3. Prepare an income staternent for the quarter ended September 30. 4. Prepare a balance shoet as of September 30 . Prepare a merchandise purchases budget for July, August, and September. Also, compute total merchandise purchases for the quarter ended September 30 . Prepare a schedule of expected cash collections for July, August, and September. Also, compute total cash collections for the quarter ended September 30. Required information Prepare an income statement for the quarter ended September 30. 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. The compary/s balance sheet as of June 30th is shown below: 4. Prepare a balance sheet as of September 30. Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. Also, compute total cash disbursements for merchandise purchases for the quarter ended September 30