LO8-10] Wolfpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following information 1. All sales are on account. Thirty percent of the credit sales are collected in the month of sale and the remaining 705 are collected: in the month subsequent to the sale. The accounts recelvable 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. 3. The budgeted inventory balance at July 31 is $27,300 4. Depreciation expense is $4740 per month. All other selling and administrative expenses are paid in full in the month the expense is incurted. 5. The company's cash budget for July shows expected cash collections of $102100, expected cash disbursements for merchandise purcheses of $47,100, and cash paid for selling and administrative expenses of $26,260 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. Caiculate the budgeted sales for the month of July. 1. Als sales are on account. Thity 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 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 ond the remaining 80% is paid in the month after the purchase 3. The budgeted inventory balance at July 31 is $27,300. 4. Depreciation expense is $4,740 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 $102,100, expected cash disbursements for merchandise purchases of $47100, and cash paid for selling and administrative expenses of $2.26.260 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 o budgeted balance sheet as of July 31 Compiete this queution by entering your answers in the tabs below. Calculate the budgetend merchandise purchases for the month of July. 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. 3. The budgeted inventory balance at July 31 is $27,300. 4. Depreciation expense is $4,740 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 $102.100, expected cash disbursements for merchandise purchases of $47,100, and cash paid for selling and administrative expenses of $26,260 Required: 1. For the month of July, calculate the following: 6. 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. Calculate the budgeted cost of goods sold for the month of July. the month subsequent to the sale. The accounts receivable at June 30 will be collected in July. 2. Ali merchandise purchases are on account. Twenty percent of merchandise inventory purchases are paid in the month of the purchase and the remoining 80s is paid in the month after the purchase. 3 The budgeted inventory bolance at July 3 is is $27,300 4. Deprectation expense is $4740 per month. All other selling and odmintrative expenses are paid in full in the month the expense is incurred 5 The compony's cash budget for July shows expected cash collections of $102,100, expected cash disbursements for merchandise purchases of $47100, and cash paid for selling and administrotive expenses of $26,260 Required: 1 For the month of July, calculate the following: e. Budgened sales b Budgeted merchandise purchoses c. Budgened cost of goods sold d. Dudgeted net operating income 2. Prepare a budgeted baiance sheet as of July 31 Complete this question by entering your answen in the thbs below. Catisiote the budgeted net aperating income for the mooth of July. incurred 5. The company's cash budget for July shows expected cash collections of $102100, expected cash disbursements for merchan purchases of $47,100, and cash paid for selling and administrative expenses of $26.260 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. Prepare a budgeted balance sheet as of July 31