Wolfpack company is a merchandising company that is preparing a budget for the month of july. it has provided the following information:
REQUIRMENT 1a, 1b, 1c,1d, 2
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 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 $ 78,400 65,800 35,200 214,000 $ 393,400 $ 60,400 ,000 233,000 $ 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 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 payable at June 30 will be pald in July 3. The budgeted inventory balance at July 31 is $22.400. 4. Depreciation expense is $4,280 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 $102,700, expected cash disbursements for merchandise purchases of $72,600, and cash pold for selling and administrative expenses of $20,320. ............... 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 payable at June 30 will be paid in July, 3. The budgeted inventory balance at July 31 is $22,400. 4. Depreciation expense is $4,280 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 $102,700, 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. Reg 1A Reg 18 Reg 10 Req 1D Reg 2 Calculate the budgeted sales for month of July, Budgeted sales for July Complete this question by entering your answers in the tabs below. Reg 1A Rea 18 Req1c Re 10 Reg 2 Calculate the budgeted sales for month of July, Budgeted sales for dwy Reg 1A Reg 11 Req 10 Reg 10 Reg 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. Req 1A Reg 1B Req 1C Req 1D Reg 2 Calculate the budgeted cost of goods sold for month of July. Budgeted cost of goods sold for July Reg 1A Reg 1B Req 1C Req ID Reg 2 Calculate the budgeted net operating income for month of July. Budgeted net operating income for July Prepare a budgeted balance sheet as of July 31. Wolfpack Company Balance Sheet July 31 Assets Total assets Liabilities and Stockholders' Equity $ $ 0 Total liabilities and stockholders' equity $ $ 0
