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 calendar year. The company's balance sheet as of June 30th is shown below: 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 Beech Corporation Balance Sheet June 30 Req 1 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $330,000, $350,000, $340,000, and $360,000, 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 collected in July. 3. Each month's ending inventory must equal 20% of the cost of next month's sales. The cost of goods sold is 60% of sales. The company pays for 30% of its merchandise 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. 4. Monthly selling and administrative expenses are always $42,000. Each month $6,000 of this total amount is depreciation expense and the remaining $36,000 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-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. Complete this question by entering your answers in the tabs below. 2-b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. 3. Prepare an income statement for the quarter ended September 30. 4. Prepare a balance sheet as of September 30. Req 2A Req 28 Req 3 $ 94,000 145,000 59,400 222,000 $ 520,400 Req 4 $ 83,000 331,000 106,400 $ 520,400 Prepare a schedule of expected cash collections for July, August, and September. Schedule of Expected Cash Collections Month Quarter

Bequired information yoer The company a bolance sheet os of fune 300 th is showri below Devect's asanegers have niade the followng addinional astumptionis and estmater 1. Eutmated sinies for Hity, Augut, Septernber, and Cetpber will be 5330000,5350,000,5340,000, and $360,000, respectively. 2. All saies are on credit and all credit sibles are collected Each manth's creda sales ale colected 453 an the month of asle and 55% in the month folloving the sole. Ni of the accountis recesvable at June 30 will be colected in July 3. Eoch month's ending irmentory must equal 20 of of the cobt of nex menth's soles The cost of goods sold is Gols of sales. The compary pays for sol of its metchandise pucchaces in the month of the purchase ard the remoining 70% in the manth following. the purchase. All of the account payblte at Jure 30 wir be paid in J wy 4. Marthly selligig and adminiteretive expenises are avwas 542 . 000. Each month 56.000 of this total amoum is deprecisbon experse. and the remaining 536,000 relates to expenses that are poid in the morth they are incutred 5. The compary dees not plan 10 bocrow moriey or pay or declare dividerids durng the quarter eoderd September 30 The compony does not plat to issue any comimon stock de fepurchise its own stodk during the quarter ended September 30 . Aequired: 1. Prepere a schedule of expectest cash collections for duly August, and september 2. Prepere o merchandise purchases budgot for July, August, and Septerber: Who compute total metchandise purchases for the quarter ended Septetnter 30 2.-5, Prepore a shetuie of expected cosh disburserhents for merchandise putcheses for July. Aupust, and September 3. Prepgre an inceme statement for the quarter anded Septermber 10 4. Prepere a belance theet as of Septenter 30 Complete this auestion by entering your answers in the labs belave. Wrebare a tchedule of expected eash colectooss for Julh August, and September