Prepare an income statement that computes net operating income for the 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 September. repare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the uarter ended September 30. [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 yeat. The company's balance sheet as of June 30 th is shown below. Beech's managers have made the following odditional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $240,000,$260,000,$250,000, and $270,000, respectively 2. All sales are on credit and ail credit sales are collocted. 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 ot 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 is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60x in the month following the purchase. All of the accounts payable at June 30 wir be paid in July. 4. Monthly selling and administratwe expenses ore always $44,000. Each month $8,000 of this total amount is depreciation expense and the remaining $36,000 relates to expenses that are paid in the month they are incayred. 5. The company does not plan to borrow monoy or pay or declare dividends during the quarter ended September 30 . The company does not plan to lssue any common stock or repurchase its own stock during the quarter ended September 30 . Required: 1. Prepsre a schiodule of expected cash collections for July, August, and September. 2-a. Prepare a merchandise purchases budget for Juy. August, and Soptember. Also compute total merchandise purchases for the quarter ended September 30 2b. 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 bolance sheet as of Septembet 30