$179,978 $166,400 QUESTION 6 Which of the following statements about budgeting is false? The master budget should only be prepared by top management. Budgets create standards for performance evaluation. Budgeting forces managers to think ahead and formalize future objectives. Budgets help coordinate the activities of the entire organization. Budgeting is an aid to planning and control. QUESTION 7 Wichita Industries' sales are 10% for cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 50% ir next month, and 20% in the following month. On December 31, the accounts receivable balance includes $12,000 from November and $42,000 from December sales. Assume that total sales for January and February are budgeted to be $50,000 and $100,000, respectively. What are the expected cash receipts for February from current and past sales? $71,500. $34,500. e $80,500. $61,500 $59,500. QUESTION 8