No beginning balance sheet.

Beechs managers have made the following additional assumptions and estimates:

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 months 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 months ending inventory must equal 15% of the cost of next months 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 using an absorption income statement format.

4.	Prepare a balance sheet as of September 30.

ruro puro Yoru yuuntur rruuu uupumur ou. Beech Corporation Merchandise Purchases Budget July August September Budgeted cost of goods sold $ 224,000 $ 238,000 $ 231,000 (Add: Desired ending merchandise inventory 35,700 34,650 36,750 Total needs 259,700 272,650 267,750 Less: Beginning merchandise inventory (35,700) (34,650) Required purchases $ 236,950 $ 233,100 Total $ 693,000 36,750) 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. Total Beech Corporation Schedule of Cash Disbursements for Purchases July August September From accounts payable From July purchases From August purchases From September purchases Total cash disbursements $ 0 $ 0 $ S olololo cash collections for the quarter ended September 30. Beech Corporation Schedule of Expected Cash Collections Month July August September From accounts receivable $ 0 $ 0 From July sales 144,000 176,000 0 From August sales 0 153,000 From September sales 0 0% 148,500 Total cash collections $ 144,000 $ 329,000 $ 335,500 Quarter $ 320,000 187,000 340,000 148,500 $ 808,500 2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. July Beech Corporation Merchandise Purchases Budget August Budgeted cost of goods sold $ 224,000 $ 238,000 Add: Desired ending merchandise inventory 35,700 34,650 Total nonno 250 za 27. 050 Type here to search September $ 231,000 36,750 7 260 Total $ 693,000 36,750 Beech Corporation Income Statement For the Quarter Ended September 30 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Net income 4. Prepare a balance sheet as of September 30, Beech Corporation Balance Sheet September 30 Assets Cash Accounts receivable Inventory Plant and equipment, net Total assets Liabilities and Stockholders' Equity Accounts payable Common stock (Retained earnings Type here to search