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Wolfpack Company is a merchandising company that is preparing a budget for the following information: month of July. It has provided the Wolfpack Company Balance Sheet June 30 Assets Cash $ 92,200 52,400 40,800 Accounts receivable Inventory Buildings and equipment, net of depreciation 219,000 $404,400 Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 34,400 100,000 270,000 $404,400 Budgeting Assumptions: 1 All sales are on account. Thirty percent of the credit sales are colected in the month of sale and the remaining 70 % are collected in the month subsequent to the sale. The accounts receivable at June 30 willl 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. The accounts payable at June 30 will be paid in July. 3. The budgeted inventory balance at July 31 is $10,700. 4. Depreciation expense is $4,380 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred. 5. The company's cash budget for July shows expected cash collections of $93,200, expected cash disbursements for merchandise purchases of $44,700, and cash paid for selling and administrative expenses of $22,820. Required: 1. For the month of July, calculate the following: a. Budgeted sales b. Budgeted merchandise purchases c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31 Complete this question by entering your answers in the tabs bel v. Req 1A Req 1B Req 1C Req 1D Req 2 Calculate the budgeted sales for month of July. Budgeted sales for July KReq 1A Req 1B> 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 $ 92,200 52,400 40,800 Accounts receivable Inventory Buildings and equipment, net of depreciation 219,000 $404,400 Total assets Liabilitios and Stockholders Equity Accounts payable Common stock $ 34,400 100,000 270,000 Retained earnings Total liabilities and $404,400 stockholders' equity 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. The accounts payable at June 30 will be paid in July 3. The budgeted inventory balance at July 31 is $10,700. 4. Depreciation expense is $4,380 per month. All other selling and administrative expenses are pald in full in the month the expense is incurred. 5. The company's cash budget for July shows expected cash collections of $93,200, expected cash disbursements for merchandise purchases of $44,700, and cash paid for selling and administrative expenses of $22,820. Required: 1. For the month of July, calculate the following a. Budgeted sales b. Budgeted merchandise purchases c. Budgeted cost of goods sold d. Budgeted net operating income 2. Prepare a budgeted balance sheet as of July 31 Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Req 1C Req 1D Req 2 Calculate the budgeted merchandise purchases for month of July. Budgeted merchandise purchases for July Req 1A Req 1C > Complete this question by entering your answers in the tabs below. Req 2 Req 1A Reg 1B Req 1C Req 1D Calculate the budgeted cost of goods sold for month of July. Budgeted cost of goods sold for July Req 1B Reg 1D> Propare a Duogemd baance sheet as of July 31 Complete this question by entering your answers in the tabs below. Req 1A 19 Req 18 Req 1C Req Req 2 Calculate the budgeted net operating income for month of July. Budgeted net operating income for July Req 1C Req 2> Salasce Sheet June 30 s 92,200 52,400 40.800 Assets Cash Accounte receivable Inventory Buildings and equipment, net of depreciation 219,000 $404,400 Total asseta Liabilities and Stockholders" Equity Accounte payable Common atock Retained earnings Total liabilities and stockholders' equity s 34,400 100,000 270,D00 $404,400 Budgeting Assumptions 1 All seles 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 colected 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 BO% is paid in the month after the purchase. The accounts payable at June 30 will be paid in July 3. The budgeted inventory belance at July 31 is $10.700 4. Depreciation expense is $4,3880 per month, All other selling and administrative expenses are paid in full in the month the expense is incurred. 5. The company's cash budget for July shows expected cash collections of $93.200 expected cash disbursements for merchandise purchases of $4400, and cesh paid for selling and administretive expenses of $22.820. Required 1 For the month of July, caloulate the folowing a Budgeted sales b. Budgeted merchandise purcheses c. Budgeted cost of goods sold d Budgeted net operating income 2 Prepare a budgeted balance sheet as of July 31 Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Req 1C Req 1D Reg 2 Prepare a budgeted balance sheet as ofJuly 31. Wolfpack Company Balance Sheet July 31 Assets Total assets Liabities and Stockholders' Equity Total iablities and stockholders equity Reg 1D
