NEED HELP PLEASE. The questions have multiple choice answers that are provided.

1.

A flexible budget summarizes revenues and expenses for various levels of sales volume within a relevant range.

True OR False

2. Emerald Marine Stores Company manufactures decorative fittings for luxury yachts that require highly skilled labor, and special metallic materials. emerald uses standard costs to prepare its flexible budget. For the first quarter of 2015, direct material and direct labor standards for one of their popular products were as follows.

Direct materials: 3 pounds per unit; $4 per pound

Direct labor: 4 hours per unit; $15 per hour

During the first quarter, Emerald produced 5,000 units of this product. Actual direct materials and direct labor costs were $65,000 and $325,000, respectively.

For the purposes of preparing the flexible budget, what is the total standard direct labor cost at a production volume of 5,000 units?

A. $300,000

B. $325,000

C. $150,000

D. $75,000

3.

On June 30, 2015, Alpha Company's cash balance is $4,000. Alpha is now preparing their cash budget for the third quarter of 2015. The following data is provided.

The amount of cash that should be shown in the budgeted balance sheet as on September 30th would be:

A. $6,958

B. $4,297

C. $8,000

D. $5,254

4.

The accounts receivable turnover is an indicator of the ability of a company to collect cash from its credit customers.

True OR False

5.

The income statement for Eagle Inc. divided by its two product lines--blankets and pillows--is as follows.

If total fixed costs remain unchanged and Eagle Inc. drops the pillows line, operating income will fall by $70,000.

TRUE OR FALSE

Aug Cash budget Beginning cash balance Plus: Cash collections Cash available Cash payments: Purchase of inventory Operating expenses Capital expenditures Less: Total cash payments Ending cash balance before financing Minimum cash balance desired Cash excess/(deficiency) Financing Borrowing at end of month Principal repayments at end of month Interest expense at 5% Total effects of financing Ending cash balance Jul Sep $8,000 40,000 $54,000 $48,000 $54,958 $4,000 50,000 $6,958 48,000 22,000 9,000 25,000 $56,000 $56,000 $29,600 31,000 12,000 13,000 18,000 11,600 0 - $2,000 5,000 - $8,000 $25,358 5,000 13,000 $20,358 5,000 $.000 -$13000 000 - $ 7.000$13,000 10,000 15,000 $20,000 104 - 20,104 $5,254 - 42 10,000 $8,000 14,958 $6,958