I have completed everything except for what is incorrect for requirement 4. Please help find the Cash, Accounts Receivable, Inventory and Retained Earnings in Requirement 4. I have attached the correct answers from the previous requirements. Thank you!

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 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 $ 80,000 135,000 41,250 211,000 $ 467,250 $ 72,000 345,000 50, 250 $ 467,250 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $220,000, $240,000, $230,000, and $250,000, 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 receivable at June 30 will be collected in July. 3. Each month's ending inventory must equal 15% of the cost of next month's sales. The cost of goods sold is 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. 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 or repurchase its 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. 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 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 Req 2A Req 2B Req 3 Reg 4 Prepare a schedule of expected cash collections for July, August, and September. Also compute total cash collections for the quarter ended September 30. Quarter $ 135,000 Schedule of Expected Cash Collections Month July August September From accounts receivable $ 135,000 From July sales 99,000 121,000 From August sales 108,000 132,000 From September sales 103,500 Total cash collections $ 234,000 $ 229,000 $ 235,500 220,000 240,000 103,500 $ 698,500 Reg 1 Reg 2A Reg 2B Reg 3 Req 4 Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. Merchandise Purchases Budget July August September Quarter Budgeted cost of goods sold $ 154,000 $ 168,000 $ 161,000 $ 483,000 Add: Desired ending merchandise inventory 25,200 24,150 26,250 25,200 Total needs 179,200 192,150 187,250 179,200 Less: Beginning merchandise inventory 41,250 25,200 24,150 41,250 Required purchases $ 137,900 $ 166,950 $ 163,100 $ 318,000 Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Req 3 Req 4 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. Schedule of Cash Disbursements for Purchases July August September From accounts payable $ 72,000 From July purchases 41,385 96,565 From August purchases 50,085 116,865 From September purchases 48,930 Total cash disbursements $ 113,385 $ 146,650 $ 165,795 Quarter $ 72,000 137,950 166,950 48,930 $ 425,830 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 2B Reg 3 Req 4 Prepare an income statement for the quarter ended September 30. Beech Corporation Income Statement For the Quarter Ended September 30 Sales $ 690,000 Cost of goods sold 483,000 Gross margin 207,000 Selling and administrative expenses 120,000 Net operating income 87,000 Interest expense 0 Net income $ 87,000 Answer is complete but not entirely corre Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 Prepare a balance sheet as of September 30. Beech Corporation Balance Sheet September 30 Assets Cash $ Accounts receivable OOOO 260,770 X 137,500 X 24,150 193,000 Inventory Plant and equipment, net $ 615,420 Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings s 114,170 345,000 (36,750) Total liabilities and stockholders' equity $ 422,420