PROBLEM 9-17 Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO2] 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: COLERAIN CORPORATION Balance Sheet June 30 80000 Ihventory Pant Liabilities and Shareholders' Equity shares.. Colerain's managers have made the following additional assumptions and estimates: a. Estimated sales for July, August, September, and October will be $200,000, $220,000, $210,000, and $230,000, respectively. b. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 30% in the month of sale and 70% 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 pavable at June 30 will be paid in July