35The image below represents an overview of the master budget schedules for a merchandising organization. The budgets that are a part of this master budget (Budget X) schedule are not named, but referred to as Y, Z, etc... . What would the titles of the budgets represented by boxes S, V, and T above be?

a. Cash, Balance sheet and Income statement (in no particular order)

b. Sales, Cash and Balance sheet (in no particular order)

c. Selling and administration, Sales, and Capital Expenditures (in no particular order)

d. Capital expenditures, Selling and administration, and Merchandise purchases (in no particular order)