Exercise 8-18 Cash Flows; Budgeted Income Statement and Balance Sheet [LO8-2, LO8-3, LO8-9, LO8- 10 Wolfpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following Nolfpack Company Belence Sheet June 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payeble Common stock Retained earnings Total liabilities and stockholders equity $ 78,48 65,808 35,200 214,008 $ 393,480 $ 60,480 180,808 233,000 S 393,400 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 recelvable at June 30 wiIll 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 $22,400 4. Depreclation expense Is $4,280 per month. All other sellng and administrative expenses are pald in full In the month the expense s Incurred. 5. The company's cash budget for July shows expected cash collections of $102,700, expected cash disbursements for merchandise purchases of $72,600, and cash paid for selling and administrative expenses of $20,320. 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 1ARequired 1B Required 1C Required 1D Required 2 Calculate the budgeted sales for month of July. Budgeted sales for July Complete this question by entering your answers in the tabs below Required 1ARequired 1BRequired 1C Required 1D Required 2 Calculate the budgeted merchandise purchases for month of July. Budgeted merchandise purchases for July Complete this question by entering your answers in the tabs below Required 1A Required 1BRequired 1C Required 1D Required 2 Calculate the budgeted cost of goods sold for month of July Budgeted cost of goods sold for July Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 1CRequired 1DRequired 2 Calculate the budgeted net operating income for month of July Budgeted net operating income for July