Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO8-2, LOB-4, LOB-9, LOB-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 yeat, The company's balance sheet as of June 30 th is shown below: Exercise 8-12 (Algo) Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July. August, September, and October will be $290,000,$90,000,$300,000, and $320,000, respectively. 2. Al 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 30% of the cost of next month's sales. The cost of goods sold is 70% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month foilowing the purchase. All of the accounts payable at June 30 will be paid in July. 4. Monthly celling and administrative expenses are always $54,000. Each month $5,000 of this total amount is depreclation experise and the remating $49,000 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 lis own stock during the quarter ended September 30. Required: 1. Phipare a schisdule af expected cash collections for July, August, and September. 2.1. Pripuren merchandise purchases budget for July. August. and September. Also compute total merchandise purchases for the cuinicer ended September 30 2.6. Prepranacheduln of expected cash disbursements for merchandise purchases for July. August, and September. 3. Prom incoum statement that computes net operating income for the quarter ended September 30. 4. Pricanr builings shnol os of September 30. Complete this question by entering your answers in the tabs below. Prepare a schedule of expected cash collections for July, August, and September. Complete this question by entering your answers in the tabs below. Prepore a inerchandise purchases budget for July, August, and September. Also compute total merchandise purchaseg for the quater ended September Jo. Complere this question by entering your answers in the tabs below. Prepure a schendule of expected cash disbursements for merchandise parchases for July, August, and September. (1) Required information Prepare a balance stheet as of September 30