Required information [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 calender year. The company's balance sheet as of June 30th is shown below. Beech Corporation Balance Sheet June 20 5 112.000 56,250 214.000 543,20 Accounts receivable Inventory Plant equipment, of depreciation Total assets Liabilities and stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 75,000 6,00 43.250 Beech's managers have made the following additional stumptions and estimates 1. Estimated sales for July August September, and October will be $250,000 $270,000 $250,000, and $280.000, respectively 2. All sales are on credit and all credit sales are collected Ench month's credit sales are collected 35% in the month of sale and 65% in the month following the sole. All of the accounts receivable et June 30 will be collected in July 3. Ench month's ending inventory must equal 30% 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 accounts payable st June 30 will be paid in July 4. Monthly selling and administrative expenses are always $46.000 Ench month $5,000 of this total amount is depreciation expense and the remaining $41000 relates to expenses thet 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 2-6. Prepare a merchandise purchases budget for July August and September. Also compute total merchandise purchases for the quarter ended September 30, 2b. 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 not complete. Complete this question by entering your answers in the tabs below. Reg 1 Red 2A Reg 26 Req3 Reg 4 Prepare a merendise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30, Merchandise Purchases budget July August Budgeted cost of goods old S 167.500 5203.500 Aodt Deurd ending merchandise 80.750 50.500 invention Total needs O 00 September S 195.000 Sa. 000 63.000 63.000 0 Required purchases 192.000 5200.250S 199,500 5501.750 Regt Raq 25 > Required Information The following information applies to the questions displayed below Beech Corporation is a merchandising company that is preparing master budget for the third quarter of the lender year. The company's balance sheet as of June 30th is shown below Be Corporat $ 11,00 133. 56.25 234, 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 $ 75, 34 Beech's managers have made the following additional assumptions and estimates 1. Estimated sales for July August September, and October will be $250,000 $270.000 $260,000 and $280.000, respectively 2 All sales are on credit and all credit scles are collected. Each month's credit sies are collected 35% in the month of sole and 65% in the month following the sale. All of the accounts receivable st June 30 will be collected in July 3. Each month's ending inventory must equal 30% of the cost of next month's soles. The cost of goods sold is 75% of dies. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 50% in the month flowing the purchase. All of the accounts payable at June 30 will be paid in July 4. Monthly selling and administrative expenses are always $46.000. Each month $5.000 of this to mount is depreciation expense and the remaining $41000 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 merchandise purchases budget for July August, and September Also compute total merchandise purchases for the quarter ended September 30 2b. 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 querer ended September 30 4. Prepare a balance sheetos of September 30. Answer is not complete Complete this question by entering your answers in the tabs below Red 2A Reg4 Prepare a schedule of expected cash disbursements for merchandise purchases for July August, and September 75.000 Schedule of Canh Disture for purchases August September From accounts payable S75.000 For July purchases 78.800 115.200 For purchases 80.100 120510 For September purchases 78.800 195300 S200310 200610 79.800 5547.410 Raq2A Rags > DUL CUOUS CHOICOwym year. The company's balance sheet as of June 30th is shown below. Beech Corporation Balance Sheet June Assets 3. 12. Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and stockholders' Equity Accounts payable Common stock Retained earning Total liabilities and stockholders equity Se Beech's managers have made the following additional assumptions and estimates 1 Estimated sales for July August September, and October will be $250,000 $270,000 $260,000 and $280,000, 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 June 30 will be collected in July 3. Each month's ending inventory must equal 30% of the cost of next month's soles. 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 accounts payable at June 30 will be paid in 4. Monthly selling and administrative expenses are always $45.000. Each month $5.000 of this total amount is depreciation expense and the remaining $41,000 relates to expenses thet 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 os of September 30 Answer is not complete Complete this question by entering your answers in the tabs below Reg 1 Reg 2 Reg 20 Regs Prepare a balance sheet as of September 30. Beech Corporation Balance Sheet September 30 Assets Total Liabetes and stockholders' Equity Total Tables and stockholders