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 $ 77,600 58,200 41,800 176,000 $ 353,600 $ 46,600 100,000 27 , $ 353,600 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 paid in July. 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 1C Required 10 Required 2 Calculate the budgeted merchandise purchases for the month of July. Budgeted merchandise purchases for July 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 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 Requined 10 Required 2 Calculate the budgeted net operating income for the month of July. Budgeted net operating income for July Prepare a budgeted balance sheet as of July 31. 2 Wolfpack Company Balance Sheet July 31 Assets eBook Total assets Liabilities and Stockholders' Equity Total liabilities and stockholders' equity