Exercise 8-18 (Algo) Cash Flows; Budgeted Income Statement and Balance Sheet [LO8-2, LO8-3, L08-9, LO8-10] 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 $ 75,000 Accounts receivable 58,60 Inventory 43,800 Buildings and equipment, net of depreciation 205,000 Total assets $ 381,600 Liabilities and Stockholders' ity Accounts payable $ 68,600 Common stock 180, eae Retained earnings 213,800 Total liabilities and stockholders' equity $ 381,600 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 $19.800. 4. Depreciation expense is $4.100 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 $80,200, expected cash disbursements for merchandise purchases of $72.600, and cash paid for selling and administrative expenses of $10.300. 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. Required 1A Required 1B Required 10 Required 10 Required 2 Calculate the budgeted sales for the month of July. Budgeted sales for July 2 Prepare a budgeted balance sheet as of July 31. Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 10 Required 2 Calculate the budgeted merchandise purchases for the month of July. Budgeted merchandise purchases for July Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 10 Required 2 Calculate the budgeted cost of goods sold for the month of July. Budgeted cost of goods sold for July 1D Dolarice Steel Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 10 Required 2 Calculate the budgeted net operating income for the month of July. Budgeted net operating income for July Complete this question by entering your answers in the tabs below. Required 1A Required 18 Required 10 Required 10 Required 2 Prepare a budgeted balance sheet as of July 31. Wolfpack Company Balance Sheet July 31 Assets $ Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity S 0