## Question

###### Wolfpack Company is a merchandising company that is preparing a budget for the month of July....

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 | $ | 78,400 |

Accounts receivable | 65,800 | |

Inventory | 35,200 | |

Buildings and equipment, net of depreciation | 214,000 | |

Total assets | $ | 393,400 |

Liabilities and Stockholders’ Equity | ||

Accounts payable | $ | 60,400 |

Common stock | 100,000 | |

Retained earnings | 233,000 | |

Total liabilities and stockholders’ equity | $ | 393,400 |

Budgeting Assumptions:

- 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.
- 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.
- The budgeted inventory balance at July 31 is $22,400.
- Depreciation expense is $4,280 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred.
- 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.

## Answers

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