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[The following information applies to the questions displayed below. J Beech Corporation Is a merchandising company that is preparing a master budget tor the third quarter clthe calendar year. The company's balance sheet as at June 30th Is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 95.000 Accounts receivable 142.000 Inventory 54,000 Plant and equipment. net of depreciation 225,000 Total assets $ 516,000 Liabilities and Stockholders' Equity Accounts payable $ 35.000 Common stock 332.000 Retained earnings 98.000 Total liabilities and stockholders equity $ 515,000 value: 30.00 points Beach's managers have made the lollowing additional assumptions and estimates: 1. Estimated sales tor July. August. September. and October will be $350,000, $380,000, $370,000. and 3390.000. 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 tollowing the sale. All ofthe accounts receivable at June 30 will be collected in July. 3. Each month's ending inventory must equal 25% ot the cost of next month's sales. The cost of goods sold is 60% of sales. The company pays for40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All 01 the accounts payable at June 30 will be paid in July. A. 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 at expected cash collections tor July. August. and September. Also compute total cash collections tor the quarter ended September 30. From accounts receivable From July sales From August sales From September sales Total cash collections 2-a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30. Budgeted cost of goods sold Total needs 24,. Prepare a schedule expected cash disbursements for merchandise purchases tor July. August. and September. Also compute total cash disbursements for merchandise purchases lor the quarter ended September 30. From accounts payable From July purchases From August purchases From September purchases Total cash disbursements Required information 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. _ Liabilities and Stockholders' Equity _ Total liabilities and stockholders' equity