Saved Help Save Required information [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 $ 93,000 Accounts receivable 127,000 Inventory 45,000 Plant and equipment, net of depreciation 219,000 Total assets $ 484,000 Liabilities and Stockholders' Equity Accounts payable $ 80,000 Common stock 330,000 Retained earnings 74,000 Total liabilities and stockholders' equity $ 484,000 Beech's managers have made the following additional assumptions and estimates: 7.800 OCE Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $300,000, $320,000, $310,000, and $330,000, 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 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 4. Monthly selling and administrative expenses are always $56,000. Each month $6,000 of this total amount is depreciation expense and the remaining $50,000 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. This is a great review problem that allows you to prepare several budgets & schedules that are part of a company's master budget. You will start with the sales budget (including cash collections) and continue through to the budget income statement and balance sheet. Reauired: 2 Honnten en meer the Centra Required information This is a great review problem that allows you to prepare several budgets & Schedules that are part or a company's master budget You will start with the sales budget (including cash collections) and continue through to the budget Income statement and balance sheet Required: 1. Prepare a schedule of expected cash collections for July, August, and September. Also compute total canh collections for the quartet onded 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 os of September 30, 03:04:26 Book Complete this question by entering your answers in the tabs below. Reg. Reg 2 Reg 28 Rega Reg 4 Required information Complete this question by entering your answers in the tabs below. Reg 1 Reg 2A Reg 2B Reg 3 Reg 4 Prepare a schedule of expected cash collections for July, August, and September Schedule of Expected Cash Collections Month July August September Quarter $ From July sales From August sales From September sales Total cash collections 0 S 0 $ 0 $ 0 OO 0 OO $ 0 Raqi Req 2A >