Saved Help Se 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 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 $ 90,000 136,000 62,000 210,000 $ 498,000 $ 71,100 327,000 99,900 5498,000 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $210,000, $230,000, $220,000, and $240,000, 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% 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 30% of the cost of next month's sales. The cost of goods sold is 60% of sales. The Required information 1. Estimated sales for July August, September, and October will be $210,000, $230,000, $220,000, and $240,000, 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% 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 30% of the cost of next month's sales. The cost of goods sold is 60% 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 $60,000. Each month $5,000 of this total amount is depreciation expense and the remaining $55,000 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. ences 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 that computes net operating income for the quarter ended September 30, 4. Prepare a balance sheet as of September 30. TUALNI USERS ROHIL TIN TRUTH CHRIFI FOST Required information Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Reg 3 Req 4 Prepare a schedule of expected cash collections for July, August, and September. Also compute total cash collect quarter ended September 30. Quarter $ 136,000 Schedule of Expected Cash Collections Month July August September From accounts receivable $ 136,000 From July sales From August sales From September sales Total cash collections $ 136,000 $ 0 0 0 0 $ 0 $ 136,000 Re Req 2A > HERSTE Required information Complete this question by entering your answers in the tabs below. Reg 1 Req 2A Req 28 Reg 3 Reg 4 Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September compute total cash disbursements for merchandise purchases for the quarter ended September 30. Schedule of Cash Disbursements for Purchases July August September Quarter From accounts receivable s 0 From July purchases 0 From August purchases 0 From September purchases 0 Total cash disbursements S 0 $ 0 $ 0$ 0 Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req3 Req 4 Prepare an income statement that computes net operating income for the quarter ended Septe Beech Corporation Income Statement For the Quarter Ended September 30 Sales 0 Cost of goods sold Gross margin Selling and administrative expenses Net operating income $ 0 Required information Beech Corporation Balance Sheet September 30 Assets Cash | Accounts receivable Inventory Plant and equipment, net $ 0 Total assets Liabilities and Stockholders' Equity Accounts payable Common stock (Retained earnings 0 Total liabilities and stockholders' equity