Question

answer the required 1A-D and 2

Check my work Wolfpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following information: Balance Sheet Cash Accounts receivable $ 75,200 60,000 46,800 210,000 Inventory Buildings and equipment, net of depreciation $392,000 Total assets Liabilities and Stockholders' Equity payable Common stock Retained earnings $ 52,000 100,000 240,000 392,000 Total 1iabilities and stockholders equity 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 pad 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 $16,900. 4. Depreciation expense is $4,200 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 $89,700, expected cash disbursements for merchandise purchases of $57,900, and cash paid for selling and administrative expenses of $15,600. Check my work 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 ise 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 $16,900. 4. Depreciation expense is $4,200 per month. All other selling and administrative expenses are paid in full in the month the expense 5. The company's cash budget for July shows expected cash collections of $89,700, expected cash disbursements for merchandise purchases of $57,900, and cash paid for selling and administrative expenses of $15,600. 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 tabs below Complete this question by entering your answers in the Req 2 Req 1B Req 1D Req 1C Req 1A Calculate the budgeted sales for month of July. Req 1B > Check my work 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. 3. The budgeted inventory balance at July 31 is $16,900. 4. Depreciation expense is $4.200 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 $89,700, expected cash disbursements for merchandise purchases of $57,900, and cash paid for selling and administrative expenses of $15,600 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. Req 2 Req 1D Req 1B Req 1C Req 1A Calculate the budgeted merchandise purchases for month of July ise purchases for July Req 1C> Req 1A EEǐ Next > 4 of 6 K Prev Check my work 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. 3. The budgeted inventory balance at July 31 is $16,900 4. Depreciation expense is $4,200 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 $89,700, expected cash disbursements for merchandise purchases of $57,900, and cash paid for selling and administrative expenses of $15,600. es 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 Req 2 Calculate the budgeted cost of goods sold for month of July. Req 10> K Req 1B 1. All sales are on account. Thirty per cent of the credit sales are collected in the month of sale and the remaining 70% are collected in to the sale. The accounts receivable at June 30 will be collected in July. percent of merchandise inventory purchases are paid in the month of the after the purchase. The accounts payable at June 30 will be paid in July. 2. All merchandise purchases are on account. Twenty purchase and the remaining 80% is paid in the month The budgeted inventory balance at July 31 is $16,900. 4. Deprecasion expense i 4.20 per month All ther sellig and administrative expenses are pain llin the month the expense expense is $4,200 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 $89,700, expected cash disbursements for merchandise purchases of $57,900, and cash paid for selling and administrative expenses of $15,600. 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 Req 2 Req 18 Req 1A Calculate the budgeted net operating income for month of July Req 2 > K Req 10 Check my work Complete this question by entering your answers in the tabs below Req 2 Req 1C Req 1D Req 18 Req 1A Prepare a budgeted balance sheet as of July 31. Balance Sheet ly 31 Total assets and Next

Answer 1

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