L 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 ofJune 30th is shown below: Beech Corporation Balance Sheet June 38 Assets Cash $ i1,666 Accounts receivable 131,866 Inventory 45,566 Plant and equipment, net of depreciation 215,966 Total assets $ 462,566 Liabilities and Stockholders' Equity Accounts payable $ T6,666 Common stock 38?,866 Retained earnings T9,566 Total liabilities and stockholders' equity $ 452,593 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August September, and October will be $260,000, $280,000, $270,000, and $290,000, 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 ofthe 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 $48,000. Each month $5,000 of this total amount is depreciation expense and the remaining $43,000 relates to expenses that are paid in the month they are incurred. 4. Monthly selling and administrative expenses are always $48,000. Each month $5,000 of this total amount is depreciation expense and the remaining $43,000 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. This is a great "review" problem that allows you to prepare several budgets & schedules that are part of a company's master budget. You will start with the sales budget [including cash collections] and continue through to the budget income statement and balance sheet 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. 2a. Prepare a merchandise purchases budget for July, August and September. Also compute total merchandise purchases for the quarter ended September 30. 2D. 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 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. Reg 1 Reg ZA Reg 23 Reg 3 Reg 4 Prepare a schedule of expected cash collections for July, August, and September