Cheche Check Wolfpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following Information: sed Wolfpack Company Balance Sheet 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 $ 83,600 69,600 44,200 150,000 $ 355,400 nt ances $ 37,400 100,000 218,000 $ 355,400 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 $36,600 4. Depreciation expense is $3,160 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 $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 bralitate the followinn 18 of 21 Next > 5. ine companys casn Duaget for July snows expectea casn Collections of $48,400, expectea casn discursements form 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. Req 1A Req 18 Reg 10 Req 1D Req2 Calculate the budgeted sales for month of July. Budgeted sales for July Reg 14 Reg 1B > 5. ine companys casn Duaget for July snows expectea casn co ctions or $98,400, expectea casn aisc 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. Req 1A Teq 1B Req 10 Req 10 Reg 2 Calculate the budgeted merchandise purchases for month of July. Budgeted merchandise purchases for July uiy snows expected cash collections of $98,400, expected ca 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. Req 1A Req 1B Lea 10 Reg 1D Req 2 Calculate the budgeted cost of goods sold for month of July. Budgeted cost of goods sold for July $ 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. Req 1A Reg 1B Req 1C Rej 10 Reg 2 Calculate the budgeted net operating income for month of July. Budgeted net operating income for July Req 1A Reg 1B Req 10 Req ID Req 2 Prepare a budgeted balance sheet as of July 31. ed Wolfpack Company Balance Sheet July 31 ok Assets + hces Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity
