4 10 points Skipped eBook 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 3e Assets Cash $ 81,800 Accounts receivable 54,200 Inventory 43,680 Buildings and equipment, net of depreciation 245,000 Total assets $424,600 Liabilities and Stockholders' Equity Accounts payable $ 38,600 Common stock 100,000 Retained earnings 286,000 Total liabilities and stockholders' equity $424,600 Reference Budgeting Assumptions 1. All sales are on account. Thirty percent of the credit saies 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 $12.900 4. Depreciation expense is $4,900 per month. All other selling and administrative expenses are paid in full in the month 5. The company's cash budget for July shows expected cash collections of $34.800, expected cash disbursements for merchandise purchases of 544,700, and cash paid for selling and administrative expenses of $15.500 Required: 1. For the month of July, calculate the following: a Budgeted sales b. Budgeted merchandise purchases 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. Required Required Required Required Required 1A 18 1C 10 Calculate the budgeted sales for the month of July. Budgeted alon for July Required 18 > 4 10 points Slopped eBook 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 $ 81, 888 Accounts receivable 54,200 Inventory 43,600 Buildings and equipment, net of depreciation 245,000 Total assets $424, 600 Liabilities and Stockholders' Equity Accounts payable $ 38,600 Common stock 100, see Retained earnings 286,888 Total liabilities and $424,680 stockholders' equity Reference 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, 2. The budgeted Inventory balance at July 31 is $12.900 4. Depreciation expense is $4,900 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred 5. The company's cosh budget for July shows expected cash collections of $84 800, expected cash disbursements for merchandise purchases of $44,700, and cash paid for selling and administrative expenses of 515,500 Required: L. 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. Required Required Required Required Required 1A 18 10 1D Calculate the budgeted merchandise purchases for the month of July. Budgeted merchandise purchases for July 4 10 points Skipped eBook 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 $ 81,800 Accounts receivable 54,280 Inventory 43,600 Buildings and equipment, net of depreciation 245,000 Total assets $424,600 Liabilities and Stockholders' Equity Accounts payable $ 38,688 Common stock 100,000 Retained earnings 286,000 Total liabilities and stockholders' equity $424,600 Reference 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 3. The budgeted inventory balance at July 31 is $12,900 4. Depreciation expense is 54,900 per month. Al other selling and administrative expenses are paid in full in the month 5. The company's cash budget for July shows expected cash collections of $84 800, expected cash disbursements for merchandise purchases of 544700, and cash paid for selling and administrative expenses of $15.500 Required: 1. For the month of July, calculate the following b. Budgeted merchandise purchases 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. Required Required Required Required Required LA 1B 10 1D 2. Calculate the budgeted cost of goods sold for the month of July. Budgeted cost of goods sold tot jy 4 10 points Skipped eBook 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 $ 81,800 Accounts receivable 54,200 Inventory 43,600 Buildings and equipment, net of depreciation 245,000 Total assets $424,600 Liabilities and Stockholders Equity Accounts payable $ 38,600 Common stock 100,000 Retained earnings 286,000 Total liabilities and stockholders' equity $424,600 Reference 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 2. All merchandise purchases are on account. Twenty percent of merchandise inventory purchases reped in the month of the purchase and the remaining 80% is paid in the month after the purchase. The accounts payable 30 will be paid in July 3. The budgeted Inventory balance at July 31 is $12.900 4 Depreciation expense la 54.900 per month. Al other seling and administrative expenses are paid in in the month the expense is incurred 5. The company's cash budget for July shows expected cash collections of $84.800 expected cash disbursements for merchandise purchases of $44700, and cash paid for selling and administrative expenses of $15.500 Required: For the month of calculate the following Budgeted sales b. Budgeted merchandise purchases Budgeted cost of goods sold d. Budgeted met operating income 2. Prepare a budgeted balance sheet as of July 31 Complete this question by entering your answers in the tabs below Required Required Required Required Required 1A 18 10 1D Calculate the budgeted net operating income for the month of July Budgeted at operating 4 Wolfpack Company is a merchandising company that is preparing a budget for the month of July, it has provided the following information 10 points Skipped BOOK Wolfpack Company Balance Sheet June 3 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Connon stock Retained earnings Total Liabilities and stockholders' equity $ 81,800 54,200 43,680 245,860 $424,600 Reference 5 38,600 100,000 286,000 5424,500 Budgeting Assumptions 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 June 30 will be collected in July 2. All merchandise purchases are on account. Twenty percent of merchandise inventory purchases are in the month of the purchase and the remaining 80% is paid in the month for the purchase. The accounts payable et une 30 will be paid in July 3. The budgeted Inventory balance ay is $12.900 Depreciation expenses $4.900 per month All other selling and ministrative expenses are painful in the month the expenses incurred 5. The company's cash budget forly shows expected cash collections of $84,800, expected cash disbursements for merchandise purchases of $44700, and cash paid for selling and administrative expenses of $500 Required For the month of the flowing a Budgeted sales Budgeted merchandise purchases c Budgeted cost of goods sold Budgeted set conting income 2. Prepare a budgetedbence sheets of 3 Complete this question by entering your answers in the tabs below. Required Required Required Required Required 1A 18 1C 1D Prepare a budgeted balance sheet as of July 31 Wolfpack Company Dance Sheet July Assets Total Liabilities and stockholdersity Totaties and stockholders