Required information Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-9, LOB-10] [The following information applies to the questions displayed below] Beectr Corporation is a merchandising company that is peeparing a master budget for the third quarter. The company's balance sheet as of June 30 th is shown below. Exercise 8-12 (Algo) Beech's managers made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $340,000,$360,000,$350,000, and $370,000, respectively. 2. All sales are on credi and all credit sales are collected. Each month's credit salos 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 imventory must equal 25% of the cost of next month's sales. The cost of goods sold is 75% 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 eccounts poyable at June 30 will be paid in July. 4. Monthly selling and administrative expenses are alwoys $44,000. Each month $6,000 of this total amount is depreciation expense and the remaining $38,000 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 compary does not plan to issue ary common stock or repurchase its own stock during the quarter ended September 30 . Mequired: 1. Prepare a schedule of expected cash collections for Juby, August, and September. Assa, compute total cash collections for the quarter ended September 30 . 2-e. Prepare a merchandise purchases budpet for July, August, and September. Also, compute total merchandise purchases for the quarter ended September 30 2.b. Prepsie schedule of expected cash disbursements for merchandise purchases for July. August, and Septembec. Also, compute tolial cosh disbursements for merchendise purchases for the quarter ended September 30 . 3. Prepare an income statement for the quarter ended September 30. 4. Prepare a beance sheet as of September 30 . Prepare a schedule of expected cash collections for July, August, and September. Also, compute total cash collections for the quarter ended September 30. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare a merchandise purchases budget for July, August, and September, Also, compute total merchandise purchases for the quarter ended September 30 . (8) Answer is not complete. Complete this question by entering your answers in the tabs below, Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. Also, compute total cash disbursernents for merchandise purchases for the quarter ended September 30. Complete this question by entering your answers in the tabs below. Prepare an income statement for the quarter ended September 30 . (8) Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare a balance sheet as of September 30