Nolfpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following nformation: 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 pald in the month of the purchase and the remaining 809 is paid in the month after the purchase 3. The budgeted inventory balance at July 31 is $36.200 4. Depreciation expense is $3,060 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred. 5. The compony's cash budgot for July shows expected cash collections of 594,300 , expected cash disbursements for merchandise purchases of $73,800, and cash pald for seling and odministrotive expenses of $18,340. 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