Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 Prepare a schedule of expected cash collections for July, August, and September. Schedule of Expected Cash Collections Month July August September Quarter $ From accounts receivable $ 142,000 142,000 From July sales 162,000 198,000 360,000 From August sales 171,000 209,000 380,000 From September sales 166,500 166,500 $ $ Total cash collections 304,000 369,000 $ 375,500 1,048,500 Reg Req 2A > ! Required information X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2A Req 2B Req 3 Req 4 Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. Merchandise Purchases Budget July August September Quarter Budgeted cost of goods sold $ 216,000 $ 228,000 $ 222,000 $ 666,000 Add: Desired ending merchandise inventory 34,200 33,300 X 35,100 X 35,100 X Total needs 250,200 261,300 257,100 X 701,100 X Less: Beginning merchandise inventory 54,000 34,200 X 33,300 X 54,000 Required purchases $ 196,200 $ 227,100 X $ 223,800 X $ 647,100 Req1 Req 2B Prepare a balance sheet as of September 30. Beech Corporation Balance Sheet September 30 Assets Cash Accounts receivable Inventory Plant and equipment, net $ 444,060 203,500 35,100 204,000 $ 886,660 Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 156,660 332,000 398,000 Total liabilities and stockholders' equity $ 886,660 Req3 ROQ 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 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 $ 95,000 142,000 54,000 225,000 $ 516,000 $ 86,000 332,000 98,000 $ 516,000 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $360,000, $380,000, $370,000, and $390,000, 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 $48,000. Each month $7,000 of this total amount is depreciation expense ---- AAAAA ------ -- -ALL Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $360,000, $380,000, $370,000, and $390,000, 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 $48,000. Each month $7,000 of this total amount is depreciation expense and the remaining $41,000 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. 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 that computes net operating income for the quarter ended September 30. 4. Prepare a balance sheet as of September 30. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below