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SB Exercise 8-12 through Exercise 8-13 (Algo) [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 30 th is shown below: Exercise 8-13 (Algo) Schedules of Expected Cash Collections and Disbursements; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-9, LO8-10] Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $370,000,$390,000,$380,000, and $400,000, 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 recelvable 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 75% of sales. The company pays for 30% of its merchandise purchases in the month of the purchese and the res company pays for 30% of its merchandise purchases in the month of the purchase and the remaining 70% in the month following 4. Monthly selling and administrative expenses are always $50,000. Ealy. and the remaining $43,000 relates to expenses that are poid in . Each month $7,000 of this total amount is depreciation expense 5. The company does not plan to borrow money or pay or declare dividends duey are incurred. does not plan to issue any common stock or repurchase its own stock dis during the quarter ended September 30 . The company 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. 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