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Colerain Corporation is a merchandising company that is preparing a budget for the third quarter of the calendar year. The company's balance sheet as of June 30 is shown below: COLERIN CORPORATION Balance Sheet Jane 39 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total ansata $ 85,000 131,000 57,000 250,000 $ 523,000 $ Liabilities and Shareholders' Equity Accounts payable Common shares Retained sarnings Total liabilities and shareholders equity 66,000 350.000 107.000 $ 523,000 Colerain's managers have made the following additional assumptions and estimates: a. Estimated sales fce July August September, and October will be $225,000, $245,000, 5235,000, and $255,000, respectively b. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 25% in the month of sale and 75% in cEach month's ending inventory must equal 40% of the cost of next month's sales. The cost of goods sold is 65% of sales. The company pays for 50% of its merchandise purchases in the month of the purchase and the remaining 50% in the month following the purchase. All of the accounts payable at June 30 will be paid in July, d. Monthly selling and administrative expenses are always $70,000. Each month, $9.000 of this total amount is depreciation expense and the remaining 561000 relates to expenses that are paid in the month they are incurred. Colerain's managers have made the following additional assumptions and estimates: a. Estimated sales for July, August September, and October will be $225,000, $245,000, $235,000, and $255,000, respectively. 1. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 25% in the month of sale and 75% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. c Each month's ending inventory must equal 40% of the cost of next month's sales. The cost of goods sold is 65% of sales. The company pays for 50% of its merchandise purchases in the month of the purchase and the remaining 50% in the month following the purchase. All of the accounts payable at June 30 will be paid in July. d. Monthly selling and administrative expenses are always $70,000. Each month, $9,000 of this total amount is depreciation expense and the remaining $61,000 relates to expenses that are paid in the month they are incurred. e. 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 shares or repurchase its own shares 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 0 Schedule of Expected Cush Collections August September Quarter From accounts receivable $ Sales on account July August September Total cash cons s 0 S 05 Os 0 0 0 2a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30, Merchandise purchases budget August September Budgeted cost of goods sold Quartar $ 0 Total needs 0 0 0 Required purchases $ 0 $ 05 0 $ 0 2b. 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 30th. Total 0 Schedule of Cash Disbursements for Purchase August September From accounts payable $ Purchase on account July August September Totalcash disbursements $ 0 $ 0$ 0 $ 0 0 0 3. Prepare an income statement for the quarter ended September 30. (Do not leave any empty spaces; Input a O wherever It is required.) COLERAIN CORPORATION Income Statement For the Quarter Ended September 30 0 0 4. Prepare a balance sheet as of September 30. COLERAIN CORPORATION Balance Sheet September 30 Assets Total assets $ Liabilities and Shareholders' Equity 0 Total liabilities and shareholders' equity $ $ 0