Chapter 8 Assignment 1 Wolfpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following Information 5 points dock Wolpe Cotony Balance Sheet Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Comon stock Retained earnings Total liabilities and stockholders equity $ 75,00 59.60 33.620 226.000 $394,200 $ 52,200 10.se 242.00 $394,200 Berences 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 we be paid in July 3. The budgeted inventory balance at July 31 is $25.200 4. Depreciation expense is $4.520 per month. All other seling 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 $86, 300 expected cash disbursements for merchandise purchases of $61.200, and cash paid for selling and administrative expenses of $13.280 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 Xy 31 Complete this question by entering your answers in the tabs below. Required A Roured 15 Recured IC Required 1D Reputed Canic for the month