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Woltpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following information: Budgeting Assumptions: 1. All sales are on account Thiry percent of the credit soles are collected in the month of sale and the remaining 70s are collected in ve month subsequent to the sale. The occounts receivable at June 30 wil be collected in July. 2. All merchondse purchases are on account. Twenty percent of merchandise inventory purchases are paid in the month of the purchase and the rembining Bos is paid in the month after the purchose. 3. The budgeted inventary belance at July 31 is $29,500. 4. Depreciation expense is $3,720 per month. All other selling and administrative expenses are poid in full in the month the expense is incurred. 5. The company s cash budget for July shows expected cash collections of $83,100, expected cash disbursements for merchandise pureheses of $48,300, and cash pold for selling and administrative expenses of $12,880 Required: 1 For the month of July, calculate the following o. Eudgeted sales b. Budgeted merchandse purchases c. Budgeted cont of goods sold d. Busgeted net operoting income 2. Prepare a budgeted balance sheet as of July 31 Complete this question by entering vour answers in the tabs below. Calculate the budgeted merchandise purchases for the month of July. Woifpack Company at a merchandising company that is preparing a budget for the month of July, it hast provided the following informution evoyeung Assumptons: 1. All sales are on account. Thirty percent of the credit sales are collected in the month of sale and the femaining 705 are coliected in the month subsequent to the sale. The accounts recelvable at June 30 wis be collected in July 2. All mercheodise purchales sre on eccount. Twenty percent of merchandise imventory butchasies are paid in the month of the purchase and the remaining boss is paid in the ronth aher the purchase 3 the budgened imentory balance at Jaly 31 it $29800. 4. Depreciation expense is $3,720 per month. Alt other seting and adminstrative expenses are paid in fult in the month the expense is incuered. 5. The compary s cash budget for July shows expected cash coliecuons of $39500, expecteo cash disbursements for merchandise Required: 1. For the montri of Jacy, calculate the following a thasoeted tales b. Uudpeted merchandise purchaset c. lluegeted cost of goods told d. fludgeted net operating income 2. Prepare a trudoetad balance sheet as of July 31 Calculate the budgeted ains for the month of Shly. Woifpack Company is a merchandexing compary that is preparing a budget for the month of July it has provided the folowing Andomion Budgewng Assumptions LAl wes are on account. Thrty petcent of the credit sales are colected in the month of sale and the remaining zos are collected in the month subsequent to the sale. The accounts recelvable of June 30 . wil be colected in Jilly 2 Al merchandise purchases are on accoum. Teventy percent of mecchandise inventory purchoses ave pasd in the month of the purchase and tive remaining 80S is peid in the month after the purchase 3 The budgeted invertory bulance at July 3t is 529.500 4. Depreclation eipense is 53720 per month Ail ochar seling and admialstrotive expentes are pald in foll in the month the oxpense is incuried 5. The company cash budiget for July thows expected cash colections of 583 too, expected ceth cisursements for merchandise purchotet of $48,300 and cash paid for seling and adminstrative erpectses of 512880 Pequired: 1. For the month of Juy, calculate the following: n Bridoeted sies b. Eudgeted merchand se purchsies c. Hudgened cont of goods seld d Budgeted net opernting oncome 2 Prepare a bodreted baiance sheet is of July 31 Ciloulate the budgeted net operating incomin for tha month of Juby. Wolfpack Compery is a nesichandaing company mat is preparing a bueget for the month at July it has provided the foliciverg informakian: Buogeting Assumptons purchase snd the remaining BCS is obid in the month after the purchase. incimed Required: 1. For the ementr of tury calculate the toliowing b. Budgeted meichanditepurchaies. ic tivageted cont of goodi sold it thopeted net operming intome 2. Presere a sudoned balance sheet on of Juy 31 1. All sales are on account. Thirty percent of the credit sales are collected in the month of sale and the rembining the month subsequent to the sale The nccounts recefveble at fune 30 will he 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 bos is paid in the month after the purchase. 3. The budgeted inventory balance at July 31 is $29,500. 4 Depreciotion expense is $3,720 per month. Alf other selling and administrative expenses are pald in full in the month the expense is incurfed: 5. The company's cash budget for July shows expected cash collections of $83,100, expected cash disbursements for merchandise purchases of $48,300, and cash paid for selling and administrative expenses of $12,880. Required: 1 For the month of July, calculote 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 vour answers in the tabs below. Prepare a bodgeted balance sheet as of July 31

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