10 Check my work Wolfpack Company is a merchandising company that is preparing a budget for the month of July. it has provided the following information Wolfpack Company Balance Sheet June 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets $ 77,600 58,200 41,800 176,000 353,600 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total 1iabilities and stockholders equity $46,600 00,000 207,000 353,60 Budgeting Assumptions: 1, All sales are on account. Thirty percent of the credit sales are collected in the month of sale and the remaining 70% are collected in the month subsequent to the sale. The accounts receivable at June 30 will be collected in July. 2. All merchandise purchases are on account. Twenty percent of merchandise inventory purchases are paid in the month of the purchase and the remaining 80% is paid in the month after the purchase. 3. The budgeted inventory balance at July 31 is $17,900.