Required information [The following information applies to the questions displayed below) Beech Corporation is o 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 $ 86,000 Accounts receivable 144,000 Inventory 0,750 plant and equipment net of depreciation 293,000 Total Assets Liabilities and Stockholders quity Accounts payable $ $1,000 Con stock 349.000 Retained earning 81,750 Total liabilities and toolbolder mit $ 514,750 Beech's managers have made the following additional assumptions and estimates Beech's managers have mode the following additional assumptions and estimates: 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 credit and all credit sales are collected Each month's credit sales are collected 35% in the month of sole and 65% in the month following the sole. 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 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 July 4 Monthly selling and administrative expenses are always $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 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. Prepare a merchandise purchases budget for July, August and September Alto compute total merchandise purchases for the quarter ended September 30. 2. 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, Reg 1 Reg 2A Reg 2B Reg 3 Req 4 Prepare a schedule of expected cash collections for July, August, and September Schedule of Expected Cash Collections Month July August September Quarter $ 0 0 0 O From July sales From August sales From September sales Total cash collections 0 $ 0 $ 0 0 $ 0 $ * Reg Req 2A > Complete this question by entering your answers in the tabs below. Rea 1 Req ZA Reg 28 Red Reg4 Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. Merchandise Purchases Budget July August September Quarter Total needs Required purchases Reg 1 Reg 2 Reg 28 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 July purchases From August purchases From September purchases Total cash disbursements $ 0 0 0 0 0 $ 0 0 $ 0 $ Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Reg 3 Reg 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 0 $ 0 Beech Corporation Balance Sheet September 30 Assets + Total assets $ 0 Liabilities and Stockholders' Equity Total liabilities and stockholders' equity $ $ 0