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 72 000 58,200 32,800 186,000 $ 354,000 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders, equity 100.000 215.999 Budgeting Assumptions 1. All sales are on account. Thirty percent of the credit sales are collected in the month or Sale and the remaining 70% are collected in the month subsequent to the sale. The accounts receivable at Dune 30 will be collected in July 2. All merchandise purchases are on account. Twenty percent of inventory purchases are paid in the month of the purchase and the remaining 80% paid in the month after the pu Sunts payable at June 30 will be paid in July 3. The budgeted Inventory balance at July 31 is $29500 4 Depreciation expenses $3720 per month. All other selling and administrat din full in the month the expense is 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 month of July. Budgeted sales for July Required 1B > 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 72 000 58,200 32,800 186,000 $ 354,000 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders, equity 100.000 215.999 Budgeting Assumptions 1. All sales are on account. Thirty percent of the credit sales are collected in the month or Sale and the remaining 70% are collected in the month subsequent to the sale. The accounts receivable at Dune 30 will be collected in July 2. All merchandise purchases are on account. Twenty percent of inventory purchases are paid in the month of the purchase and the remaining 80% paid in the month after the pu Sunts payable at June 30 will be paid in July 3. The budgeted Inventory balance at July 31 is $29500 4 Depreciation expenses $3720 per month. All other selling and administrat din full in the month the expense is 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 month of July. Budgeted sales for July Required 1B >