Required information (The following information applies to the questions displayed below) t 2 of 2 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 Tune 30 91.000 133,000 36,000 213,000 Cash Plant and equipment, net of depreciation Total assete Liabilities and stockholders Equity Accounts payable Common stock Total liabilities and stockholders' equity s 473,000 Beech's managers have made the following additional assumptions and estimates 1. Estimated sales for July, August, September, and October will be $240000, $260.000. $250,000, and $270,000, respectively 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 45% in the month of sale and 55% in the month following the sale. All of the accounts receivable at June 30 will be co ected in July. Each month's ending inventory must equal 15% of the cost or next month's sales. The cost of goods sold is 60% of Sales. The company pays for 30% of its rmerchandise purchases in the month of the purchase and the remaining 70% in the month following the purchase. All of the accounts payable at June 30 will be paid in July 3. 4. Monthly selling and administrative expenses are always $44,000. Each month $8.000 of this total amount is depreciation expense and the remaining $36,000 relates to that are paid in the month they are incurred. 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 5. The