M Chapter 8 Homework x C chegg study IGuided solut mheducat ezto n.com IThe 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 83,000 Cash Accounts receivable 26,000 Inventory 69,750 220,000 Plant and equipment, net of depreciation Total assets 498,750 Liabilities and Stockholders' Equity 81,000 Accounts payable Common stock 348,000 Retained earnings 69,750 Total liabilities and stockholders' equity 498,750 1.35 points Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $310,000, $330,000, $320,000, and $340,000, 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 30% of the cost of next month's sales. The cost of goods 75% of sales. The company pays for 40% o 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 Ask me anything Required information 0:20 PM 3/29/2017