Saved automatic | Che 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: Beech Corporation Balance Sheet June 30 Assets Cash $ 96,000 139,000 70,200 228,000 $ 533,200 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stokkholders Equity Accounts payable Conmon stock Retained earnings Total liabilities and atockholdera' equity 9, 000 333,000 111,200 $ 533,200 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $390,000, $410,000, $400,000, and $420,000, 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 $54,000. Each month $7000 of this total amount is depreciation expense and the remaininn t47000 relatec to evnences that are naid in the mnnth thou are incurrad Prev of 9 Next> S4 Required information 1. Estimated sales for July, August, September, and October will be $390,000, $410,000, $400,000, and $420,000, 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 $54,000. Each month $7000 of this total amount is depreciation expense and the remaining $47,000 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. Also compute total cash collections for the quarter ended September 30. 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. Also compute total cash disbursements for merchandise purchases for the quarter ended September 30. 3. Prepare an income statement for the quarter ended September 30 4. Prepare a balance sheet as of September 30. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 28 Req 3 Req 4 Prepare a schedule of expected cash collections for July, August, and September. Also compute total cash collections for the quarter ended September 30. Schedule of Expected Cash Collections Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 Prepare a schedule of expected cash collections for July, August, and September. Also compute total cash collections for the quarter ended September 30. Schedule of Expected Cash Collections Month July August September Quarter es $ From July sales From August sales From September sales 0 0 Total cash collections $ 0 $ $ Req 1 Req 2A Req 1 Req 2A Req 2B Req 3 Req 4 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 ces Total needs Required purchases Req Req 28> Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. compute total cash disbursements for merchand ise purchases for the quarter ended September 30 Schedule of Cash Disbursements for Purchases August September July Quarter From July purchases From August purchases 0 From September purchases 0 Total cash disbursements 0 $ 0 $ 0 4 Required information Req 1 Req 2A Req 2B Req 3 Req 4 of 2 Prepare a balance sheet as of September 30. Beech Corporation Balance Sheet September 30 Assets ook int Total assets rences 0 Liabilities and Stockholders' Equity Total liabilities and stockholders' equity $ Req 3 Req 4 >