22 Premier Company uses a comprehensive planning and budgeting system. The proper order for Premier to prepares certain budget schedules would be. a. Cost of Goods Sold, Balance Sheet, Income Statement, and Statement of Cash Flows. b. Income Statement, Balance Sheet, Statement of Cash Flows, and Cost of Goods Sold. c. Cost of Goods Sold, Income Statement, Statement of Cash Flows, and Balance Sheet. d. Statement of Cash Flows, Cost of Goods Sold, Income Statement, and Balance Sheet. 23. Of the following items, the one item that would not be considered in evaluating the adequacy of the budgeted annual operating income of a company is a. return on assets. b. long-range profit objectives. c. industry average for earnings on sale. d. earnings per share. 24. Silver Company utilizes both strategic planning and operational budgeting. Which one of the following items would normally be considered in a strategic plan? a. Setting a target for a 12 percent return on sale. b. Maintaining the image of the company as the industry leader. c. Setting a market price per share of stock outstanding. d. Distributing monthly reports for departmental variance analysis.