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 $36,600, 4. Depreciation expense is $3,160 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 $98,400, expected cash disbursements for merchandise purchases of $47,400, and cash paid for selling and administrative expenses of $16.040. Required: 1. For the month of July, calculate the following: a. Budgeted sales b. Budgeted merchandise purchases c. Budgeted cost of goods sold d. Budaeted net operatina income 1. All sales are an account. Thirty percent of the credit sales are collected in the month of sale and the remaining 70% ate collected in the month subsequent to the sale. The accounts recetvable at June 30 will be collected in July. 2. All merchandise purchases are on account Twenty percent of merchandise iaventory purchases are pild in the month of the purchase and the remaining 80% is paid in the month after the purchase. The occounts payable at June 30 will be paid in July. 3. The budgeted inventory balance at July 31 is $36,600 4. Depreciation expense is $3,160 per month. All other selling and administrative expenses are paid in full in the month the experise is Incurred. 5. The company's cash budget for July shows expected cash collections of $98,400, expected cash disbursements for merchandise purchases of $47,400, and cash pald for selling and administrative expenses of $16,040. 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. Calculate the budgeted sales for month of July. 2. All meretiandise paine the sale. The accounts recelvable at dume. 30 witl be collected in purchase and the remaining 80% is pecount. Twenty percent of merchandise inventory purchases ate pald in the month of the 3. The budigeted inventory balance at July in the month after the purchase. The accounts payabie at Jurie 30 will be paid in July. 4. Depreciation expense is $3,160 per month is $36,600 incurred. 5. The company's cash budget for July shows expected cash collections of $98,400, expected cash disbursements for merchandise. purchases of $47,400, and cash paid for selling and administrative expenses of $16,040 Required: 1. For the month of July, calculate the following: a. Budgeted sales b. Budgeted merchandise purchases c. Budgeted cost of goods soid 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. Calculate the budgeted merchandise purchases for month of July. the month sub account. Thirty percent of the credit sales are collected in the month of sale and the remaining 70$5 ate collect 2. All merchandise purchases are on the accounts recelvable at June 30 will be collected in July. purchase and the remaining 80% is pald in thenty percent of merchandise inventory purchases ate paid in the month of the 3. The budgeted inventory balance at July 31 is $36,600. 4. Depreciation expense is $3.160 per month. All other selling and administrative expenses are paid in full in the month the expe incurred. 5. The company's cash budget for July shows expected cash collections of $98,400, expected cash disbursements for merchan purchases of $47,400, and cash paid for selling and administrative expenses of $16,040, 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. Calculate the budgeted cost of goods sold for month of July. 5. The company's cash budget for July shows expected cash coliections of $98,400, expected cash disbursements for merchandise purchases of $47,400, and cash pald for selling and administrative expenses of $16,040. 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. Prepare a budgeted bolance sheet as of July 31