Required information Schedules of Expected Cash Collections and Disbursements; Income Statement, Balance Sheet(LOB-2, LO8-4, LO8-9, 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 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 $ 90,000 136,000 62,000 210,000 $498,000 $ 71,100 327,000 199.900 $498,000 Exercise 8-12 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August September, and October will be $210.000, 5230.000. $220,000 and $240,000, 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 30% 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 $60.000. Each month $5.000 of this total amount is depreciation expense and the remaining $55.000 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. Lumpule tou merchandise purchases fo 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B 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 $ 5 210,000 230,000 $ 220,000 S 660,000 From July sales 73,500 136,500 210,000 From August sales 00 80,500 149,500 230,000 From September sales 77.000 77,000 Total cash collections 15 5 283,500 447,000 $ 446,500 1.177,000 Reg 2A > quarter ended September 30. 2-6. 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Reg 2B Req3 Req 4 Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. Quarter Schedule of Cash Disbursements for Purchases July August September From accounts payable $ 105,400 136,200 135,600 From July purchases 42.160 63.240 From August purchases 0 54.4806 B1,720 From September purchases 54,240 Total cash disbursements $ 271,560 147.560 253,920 $377,200 105,400 136,200 54,240 $673,040