Assume a merchandising company provides the following information from its master budget for the month of May: Sales Cost of goods sold Cash paid for merchandise purchases Selling and administrative expenses Cash paid for selling and administrative expenses $ 218,000 $ 77,000 $ 72,000 $ 32,000 $ 31,000 What is the budgeted net operating income? Multiple Choice $125,000 $6,000 $109,000 $37,000 Assume a company is preparing a budget for its first two months of operations. During the first and second months it expects credit sales of $51,000 and $64,000, respectively. The company expects to collect 30% of its credit sales in the month of the sale and the remaining 70% in the following month. What amount of accounts receivable would the company report in its balance sheet at the end of the second month? Multiple Choice $54,900 $44,800 $21,000 $15,300 Assume that a company provided the following cost formulas for three of its expenses (where q refers to the number of hours worked): Rent (fixed) Supplies (variable) Utilities (mixed) $ 3,000 $ 5.900 $150 + $0.759 The company's planned level of activity was 2,000 hours and its actual level of activity was 1,850 hours. How much supplies expense would be included in the flexible budget? Multiple Choice $12,685 $11,215 $11,800 $10,915