Prepare an income statement that computes net operating income for the quarter ended September 30 . Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise pur quarter ended September 30. Prepare a balance sheet as of September 30 . Prepare a schedule of expected cash collections for July, August, and September. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and 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 of June 30th is shown below: Beech's managers have made the following additional assumptions and estimates: 1. Estlmated sales for July, August, September, and October will be $400,000,$420,000,$410,000, and $430,000, respectlvely. 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 recelvable 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 1 s 75% 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 pald In July. 4. Monthly selling and adminIstrative expenses are always $56,000. Each month $8,000 of this total amount is depreciation expense and the remalning $48,000 relates to expenses that are pald 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 durlng the quarter ended September 30. Required: 1. Prepare a schedule of expected cash collections for July, August, and September. 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. 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. Wolfpock Compony is a merchandising company that is preporing a budget for the month of July. It hos provided the following information: Budgeting Assumptions: 1. All soles are on sccount. Thirty percent of the credit soles ore collected in the month of sale and the remoining 70% are collected in the month subsequent to the sole. The sccounts receivable st June 30 will be collected in July. 2. All merchandise purchsses ore on account. Twenty percent of merchandise inventory purchoses are paid in the month of the purchsse and the remaining 80% is poid in the month after the purchase. 3. The budgeted inventory balance st July 31 is $29,200. 4. Depreciation expense is $4,460 per month. All other selling ond odministrotive expenses are poid in full in the month the expense is incurred. 5. The compony's cosh budget for July shows expected cosh collections of $88,100, expected cosh disbursements for merchandise purchsses of $72,000, and cash poid for selling and administrative expenses of $14,940. Required: 1. For the month of July, colculate the following: . Budgeted sales b. Budgeted merchandise purchases c. Budgeted cost of goods sold d. Budgeted net opersting income 2. Prepore o budgeted bolance sheet os of July 31 . Complete this question by entering your answers in the tabs below. Prepare a budgeted balance sheet as of July 31