Exercise 8-18 (Static) Cash Flows; Budgeted Income Statement and Balance Sheet (L08-2, L08-3, 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 50,000 Inventory 30,000 Buildings and equipment, net of depreciation 150,000 Total assets $385,000 Liabilities and Stockholders' Equity Accounts payable $ 35,300 Conon stock 100,000 Retained earnings 169,700 Total liabilities and stockholders' equity $ 305,000 Budgeting Assumptions: 1. All sales are on account. Thirty percent of the credit sales are collected in the month of sole 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 receivable at June 30 will be paid in July 3. The budgeted Inventory balance at July 31 is $22,000. 4. Depreciation expense is $3,000 per month. All other selling and administrative expenses are pold in full in the month the expense is incurred 5. The company's cash budget for July shows expected cash collections of $77,000, expected cash disbursements for merchandise purchases of $44.500, and cash paid for selling and administrative expenses of $15,000 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 Budgeting Assumptions: All sales are on account. Thirty percent of the credit sales are collected in the month of the month subsequent to the sale. The accounts receivable at June 30 will be collected 2. All merchandise purchases are on account. Twenty percent of merchandise inventory p purchase and the remaining 80% is paid in the month after the purchase. The accounts 3. The budgeted inventory balance at July 31 is $22,000. 4. Depreciation expense is $3,000 per month. All other selling and administrative expense is incurred. 5. The company's cash budget for July shows expected cash collections of $77,000, expec purchases of $44,500, and cash paid for selling and administrative expenses of $15,000 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 18 Required 10 Required 1D Required 2 Calculate the budgeted sales for the month of July Budgeted sales for July Required 1B > Budgeting Assumptions: 1. All sales are on account. Thirty percent of the credit sales are collected in the mon the month subsequent to the sale. The accounts receivable at June 30 will be colle 2. All merchandise purchases are on account. Twenty percent of merchandise invent purchase and the remaining 80% is paid in the month after the purchase. The acco 3. The budgeted inventory balance at July 31 is $22,000. 4. Depreciation expense is $3,000 per month. All other selling and administrative exp is incurred. 5. The company's cash budget for July shows expected cash collections of $77,000, e purchases of $44,500, and cash paid for selling and administrative expenses of $15 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 18 Required 10 Required 1D Required 2 Required 1C Calculate the budgeted merchandise purchases for the month of July. Budgeted merchandise purchases for July Budgeting Assumptions: 1. All sales are on account. Thirty percent of the credit sales are collected in the month the month subsequent to the sale. The accounts receivable at June 30 will be collect 2. All merchandise purchases are on account. Twenty percent of merchandise inventory purchase and the remaining 80% is paid in the month after the purchase. The accoun 3. The budgeted inventory balance at July 31 is $22,000. 4. Depreciation expense is $3,000 per month. All other selling and administrative expen is incurred. 5. The company's cash budget for July shows expected cash collections of $77,000, exp purchases of $44,500, and cash paid for selling and administrative expenses of $15,00 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 1D Required 2 Calculate the budgeted cost of goods sold for the month of July. Budgeted cost of goods sold for July Budgeting Assumptions: 1. All sales are on account. Thirty percent of the credit sales are collected in the moi the month subsequent to the sale. The accounts receivable at June 30 will be col 2. All merchandise purchases are on account. Twenty percent of merchandise inven purchase and the remaining 80% is paid in the month after the purchase. The acc 3. The budgeted inventory balance at July 31 is $22,000. 4. Depreciation expense is $3,000 per month. All other selling and administrative ex is incurred. 5. The company's cash budget for July shows expected cash collections of $77,000, purchases of $44,500, and cash paid for selling and administrative expenses of $1 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 1cRequird 10 Required 2 Calculate the budgeted net operating Income for the month of July. Budgeted net operating income 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 1C Required ID Required 2 Prepare a budgeted balance sheet as of July 31. Wolfpack Company Balance Sheet July 31 Assets Inces Total assets Liabilities and Stockholders' Equity Total abilities and stockholders equity