Chapter 8(2) Saved Help S 4 Exercise 8-18 (Algo) Cash Flows; Budgeted Income Statement and Balance Sheet [LO8-2, LO8-3, L08-9, LO8-10] 10 points 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 eBook Print June 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 92,200 50,400 30,800 177,000 $ 350, 400 References $ 53,400 100,000 197,000 $ 350,400 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 $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. Book 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. Print orences Complete this question by entering your answers in the tabs below. Required LA Required 18 Required 1C Required 1D Required 2 Calculate the budgeted sales for the month of July. Budgeted sales for July log Required 18 > expected cash collections of $81,300, expected cash disbursements for merchandi purchases of $63,000, and cash paid for selling and administrative expenses of $17,060. eBook 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. Print References Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required IC Required 1D Required 2 Calculate the budgeted merchandise purchases for the month of July Budgeted merchandise purchases for July Book 1. For the me 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. Tint nonces Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 1D Required 2 Calculate the budgeted cost of goods sold for the month of July. Budgeted cost of goods sold for July (Required 18 Required 10 > eBook 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. Print eferences Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 1D Required 2 Calculate the budgeted net operating income for the month of July. Budgeted net operating income for July 4 Complete this question by entering your answers in the tabs below. 2 aints Required 1A Required 18 Required 1C Required 10 Required 2 Prepare a budgeted balance sheet as of July 31. eBook Wolfpack Company Balance Sheet July 31 Assets Print References $ 0 Total assets Llabilities and Stockholders' Equity Total abilities and stockholders' equity $ 0
