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! Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet (LO8-2, LO8-4, LO8-9, LO8-10) (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 Canh $ 92,000 Accounts receivable 130,000 Inventory 48,600 Plant and equipment, net of depreciation 216,000 Total assets $ 486.600 Liabilities and Stockholders' Equity Accounts payable $ 77,000 Common stock 329,000 Retained earnings 80.600 Total liabilities and stockholders' equity $ 486,600 Exercise 8-12 REV (Algo) Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $270,000, $290,000 $280,000, and $300,000, 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 sold is 60% 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 $50,000. Each month $5,000 of this total amount is depreciation expense and the remaining $45,000 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, Answer is not complete Check my -nrenare a sonenme O Pinerten rasnursernens merrnanose nurnaces 0 Required information Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Prepare a schedule of expected cash collections for July, August, and September. Schedule of Expected Cash Collections Month July August September Quarter From accounts receivable $ 130,000 130,000 94,500 175,500 From July sales From August sales From September sales 101,500 188,500 98,000 270,000 290,000 98,000 Total cash collections $ 224,500 $ 277,000 $ 286,500 $ 788,000 RO Req 2A > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 24 Reg 2B 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 $ 162,000 $ 174,000 $ 168,000 Add: Desired ending merchandise inventory 87,000 84,000 90,000 Total needs 249,000 258,000 258,000 765,000 Less: Beginning merchandise inventory (48,600) (87,000) (84,000) (219,600) Required purchases $ 200,400 $ 171.000 174,000 S 545,400 Required information Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Req 2B Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September Schedule of Canh Disbursements for Purchases July August September Quarter From accounts payablo $ 77,000 $ 77,000 From July purchases 80,160 120 240 200,400 From August purchases 68,400 102,600 171,000 From September purchases 69,600 69,600 Total cash disbursements $ 172,200 157 160 188,640 $ 518,000 S $