Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet (L08-2, LO8-4, LO8-9, LO8-10) [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 year. The company's balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 93,000 127,000 45,000 219,000 $ 484,000 $ 80,000 330,000 74,000 $ 484,000 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July August September, and October will be $300.000. $320,000, $310,000, and $330,000, respectively. 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 receivable 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 is 60% 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 paid in July, 4. Monthly selling and administrative expenses are always $56,000. Each month $6,000 of this total amount is depreciation expense and the remaining $50,000 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 its own stock during 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 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. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 28 Reg 3 Reg 4 Prepare a schedule of expected cash collections for July, August, and September Schedule of Expected Cash Collections Month July August September Quarter From accounts receivable $ 127,000 $ 127,000 From July sales 135,000 165.000 300,000 From August sales 144,000 176,000 320,000 From September sales 139,500 139,500 Total cash collections $ 262,000 $ 309,000 S 315,500 $ 886,500 Req 2A > Prepare an income statement that computes net operating income for the quarter ended Sep Prepare a balance sheet as of September 30. Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 2B Reg 3 Reg 4 Prepare a merchandise purchases budget for July, August, and September. Also compute total merc quarter ended September 30. Merchandise Purchases Budget July August Budgeted cost of goods sold $ 180,000 $ 192,000 Add: Desired ending merchandise inventory 48,000 46,500 Total needs 228,000 238,500 Less: Beginning merchandise inventory 45,000 48,000 Required purchases $ 183,000 $ 190,500 September $ 186,000 49,500 235,500 46,500 $ 189,000 Quarter $ 558,000 144,000 X 702,000 X 139,500 $ 562,500 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Reg 3 Reg 4 Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. Schedule of Cash Disbursements for Purchases July August September Quarter From accounts payable $ 80,000 $ 76,200 $ 75,600 S 231,800 From July purchases 73,200 109,800 114,300 297,300 From August purchases 0 From September purchases 0 IS $ Total cash disbursements $ 189,900 $ 529,100 153,200 186,000 Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Reg 28 Reg 3 Req 4 Prepare an income statement that computes net operating income for the quarter ended September 30. Beech Corporation Income Statement For the Quarter Ended September 30 $ 153,200 186,000 (32.800) 189,000 $ (221,800) Net operating income Net operating loss