Saved Connect Homework Assignment (150 minutes) 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 $ 73,000 125.000 221,899 $475,000 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 $ 82,800 09.000 84,000 $475,000 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August September, and October will be $320,000 $340,000 $330.000 and $350.000, 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% n the month following the sale. All of the accounts receivable at June 30 will be collected in July 70% of sales. The 3. Each month's ending inventory must equal 25% of the cost of next month's sales. The cost of goods sold company poys for 40% of its merchandise purchases in the month of the purchase and the remaining 60in the month following the purchase. All of the accounts payable at June 30 will be cold n July 4. Monthly selling and administrative expenses are always $40.000. Each month $6.000 of this total amount is deprecation expense curred and the remaining $34.000 relates to expenses that are paid in the month they are