Help Save & El 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, Beach 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 Retined barnings Total liabilities and stockholders' quity $ 73,000 125.000 55,000 221,000 5 475,000 $12,000 300,000 4,000 5.475.000 Help SAVE EN Required information 1 1. Estimated sales for July August September, and October will be $320,000, $340,000 $330,000, and $350,000, respectively 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% 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 25% of the cost of next month's sales. The cost of goods sold is 70% 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 purchase. All of the accounts payable at June 30 will be paid in July 4. Monthly selling and administrative expenses are always $40.000. Each month $6,000 of this total amount is depreciation expense and the remaining $34,000 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 of 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 that computes net operating income 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. Ch 8 Quiz WHETHWHITRI 1 Required information 3. Prepare an income statement at compus nietoperdung income for the quarter enou septeme su 4. Prepare a balance sheet as of September 30, Complete this question by entering your answers in the tabs below. Reg 1 Red 2A Req 25 Req3 Reg 4 Prepare a schedule of expected cash collections for July, August, and September Schedule of Expecled Cash Collection Month July August September From July sales From August From September sales Total cash collections Reg 2 > 3. Prepare an income statement la computes et perdung income for the quarter erou september au 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 3 Reg 4 Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchas quarter ended September 30. Merchandise Purchases Budget July August September Quarter Total needs Required purchases & Regi Reg 28 > 1 1 Required information 3. Prepare an income statement that computes net opening income for inequan suplemer 30 4. Prepare a balance sheet as of September 30, Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reqs 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 From July purchases From August purchases From September purchases Total cash disbursements N P WON 1 Required information 3. Prepare an income sentemen una computes net operating come to the quarter enduu Supremo su 4. Prepare a balance sheet as of September 30. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 28 Req3 Req Prepare an income statement that computes net operating income for the quarter ended September 30. Beech Corporation Income Statement For the Quarter Ended September 30 Required information Beach Corporation Balance Sheet September 30 Assets Totalsts Liabilities and Stockholders' Equity Total abilities and stockholders equity