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Following are selected accounts for a manufacturing company. For each account, indicate whether it will appear on a budgeted income statement or a budgeted

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Following are selected accounts for a manufacturing company. For each account, indicate whether it will appear on a budgeted income statement or a budgeted balance sheet. If an item will not appear on either budgeted financial statement, label it neither. Budgeted loan activity Cash dividends paid Sales commissions expense Income tax expense Retained earnings Gross profit Sales Common stock Neither Income statement

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