The foNowing 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 Cash 91000 Plant and equipment net of depreciation Total assets 5 473.000 Liebilities and Stockholders Equity Accounts payable Commion stock Relained earning s 74,000 328,000 otel lebiities end stockholders' equity 473,000 18. 10.00 points Beech's managers have made the following additional assumptions and estimates: 1 Estimated sales for July, August, September, and October will 2All sales are on credit and all credit sales are collected. Each be $240,000, $260,000, $250,000, and $270,000, respectively. 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. Each month's ending inventory must equal 25% 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. Monthly selling and administrative expenses are always $44,000. Each month $8,000 of this total amount is depreciation expense and the remaining $36,000 relates to expenses that are paid in the month they are incurred. & 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