req 1, req2, req3. & req 4

Beech Corporation is a merchandising company that is preparing a master budget for the third quarter ofthe calendar year. The company's balance sheet as of June 30th is shown below: Beech Corporation Balance Shcet June 30 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets $ 76,000 137,000 86,100 230,000 Liabilitie and Stockholders' Equity Accounts payable Cormon stock $ 91,000 312,000 126,100 $529,100 Total liabilities and stockholders equity Exercise 8-12 Beech's managers have made the following add tional assumptions and estimates 1. Estimated sales for July, August, September, and October will be $410,000, $430,000, $420,000, and $440,000, 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of 3. Each month's ending inventory must equal 30% of the cost of next month's sales. The cost of goods sold is 70% of 4. Monthly selling and administratve expenses are aways $58,000. Each month $8,000 of this total amount is 5. The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. respectively. sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. sales. The company pays for 40% 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. depreciation expense and the remaining $50,000 relates to expenses that are paid in the month they are Incurred. 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 merchand se purchases for July, August, and September. A so compute total cash disbursements for merchandise purchases for the quarter ended September 30 3. Prepare an income statement for the quarter ended September 30. 4. Prepare a balance sheet as of September 30