Assume a company is preparing a budget for its first two months of operations. During the first and second months it expects cash sales of $32,500 and $36,000, respectively. It also expects credit sales of $52,500 and $62,500, respectively. The company expects to collect 30% of its credit sales in the month of the sale, 60% in the following month, and 10% is deemed uncollectible. What amount of cash collections would appear in the company's cash budget for the second month? Multiple Choice O $100,000 $18,750 $81,000 $86,250 Assume a merchandising company provides the following information from its master budget for the month of May Cash balance, May 1 Cash collections from customers Cash disbursements for merchandise purchases Cash disbursements for selling and administrative expenses $20,000 $80,000 $35,000 $40,000 Based solely on the information provided, what is the company's excess (deficiency) of cash available over disbursements at the end of May? Multiple Choice O $15,000 $25,000 $5,000 $20,000 Which of the following statements best defines responsibility accounting? Multiple Choice O It involves developing goals and preparing various budgets to achieve those goals. It gives specific managers responsibility for serving specific customers. It asserts that managers should be held responsible for those items-and only those items-that the manager can actually control. It involves gathering feedback that enables organizations to make modifications as circumstances change