$\backslash$table$[[\backslash$table$[[$Wolfpack Company$],[$Balance Sheet$],[$June $30]],],[$Cash$],[$Accounts receivable,$ $75,600],[$Inventory$,61,800],[$Buildings and equipment, net of depreciation,$36,600],[$Total assets,$199,000],[$Liabilities and Stockholders' Equity,$ $373,000],[$Accounts payable,$],[$Common stock,$ $33,000],[$Retained earnings,$100,000],[,240,000],[,$$ $373,000]]$

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 $$37,800.$

Depreciation expense is $$3,980$ 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 $$98,700,$ expected cash disbursements for merchandise purchases of $$48,000,$ and cash paid for selling and administrative expenses of $$20,620.$