Homework Seved 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: Beech Corporation Balance Sheet June 30 Assets Cash $ 76,000 Accounts receivable 137,000 Inventory 36,100 Plant and equipment, not of depreciation 230,000 Total assets $529,100 Liabilities and Stockholders Equity Accounts payable $91,00 Common stock 312,00 Retained earnings 126 100 Total abilities and stockholders' equity $529,100 Beech's managers have made the following additional assumptions and estimates 1 Estimated sales for July August September, and October will be $410,000 $430,000 $420,000 and $440,000, respectively 2. Alls 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 JUM arch O RI GE * 1 R T G B Required information 1 Estimated sales for July August September, and October will be $410.000 $430,000 $420.000 and $440,000, 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 recevable at June 30 will be collected in July 3. Each month's ending inventory must equal 20% of the cost of next month's sales. The cost of goods sold & 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 A Monthly selling and administrative expenses are always $58.000 Each month $8,000 of this total amount is depreciation expense and the remaining $50,000 tolates 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: Prepare a schedule of expected cash collections for July August, and September. Also compute total cash collections for the quarter ended September 30 2.0. 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 computo total cash disbursements for merchandise purchases for the quarter ended September 30 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 Rea 1 Red 26 Re Red of Next > to each O RI W R T S G B Z art