3 June 30 Assets Cash $ 92, 200 Accounts receivable 50, 408 Inventory 30, 800 Buildings and equipment, net of depreciation 177,060 ints Total assets $ 350, 400 Liabilities and Stockholders' Equity 01:29:14 Accounts payable $ 53, 400 Common stock 100, 608 Retained earnings 197 , 608 Total liabilities and stockholders' equity $ 350, 406 Book Budgeting Assumptions: Print 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. References 3. The budgeted inventory balance at July 31 Is $17,000. 4. Depreciation expense is $3.540 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 $81,300, expected cash disbursements for merchandise purchases of $63.000, and cash paid for selling and administrative expenses of $17,060. 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. Mc