[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 Accounts receivable Inventory Prart and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Reted earnings Total abilities and stockholders' equity $ 76,000 137,000 86.100 230,000 $ 529,100 $ 91000 312.000 126100 $ 529100 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July August September, and October will be $410,000 $430,000, 5420,000, and 440,000, respectively 2. All sales are on credit and will 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 more's ending inventory must equal 30% of the cost of next month's sales. The cost of goods sold is 70% 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 eling and administrative expenses we always $58,000. Each month $1,000 of this total amount is depreciation expense and the remaining $50,000 related 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 1. Prepare a schedule of expected cash colections 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 From accounts receivable $ Promus From August sales From September sales Total sections 5 05 0 $ OS 0 2. Prepare a merchandise purchases budget for ty, August and sedumber. Also compute total merchandise purchases for the quarter ended September 30 Merchandise Purchases Budget July September Total Budgeted cost of goods sold 26. Prepare a schedule of expected cash disbursements for merchandise purchases for July August, and September. Ano compute total cash disbursements for merchandise purchases for the quarter anded September 30 July September Tata From From My purchase From Am From Belum 5 os OS 2. Prepare an incomment for the ended September 30 4. Prepare a balance sheet as of September 30. Beech Corporation Balance Sheet September 30 Assets Total assets Liabilities and Stockholders' Equity $ 0 Total liabilities and stockholders' equity $