Question 30 3 pts Which of the following statements regarding the capital expenditures budget is correct? Capital expenditures are purchases of long-term assets, such as office supplies. Installment payments related to the purchase of current assets are included in the capital expenditures budget The decision to purchase long-term assets is part of a strategic plan. Capital expenditures are inexpensive assets. Question 31 3 Mary's Mittens, Inc., a merchandising company, wants to prepare the budgeted balance sheet for the next budget period. For this purpose, the amount of ending cash balance can be retrieved from the sales budget capital expenditures budget budgeted funds flow statement cash budget 3 pts The amount of accumulated depreciation for the budgeted balance sheet of a merchandising company can be obtained from the selling and administrative expense budget and the prior balance sheet cash payments for selling and administrative expense budget financial budget cash budget Question 33 3 pts A manufacturing company has prepared the operating budget, the cash budget, and the budgeted income statement and is now preparing the budgeted balance sheet. The balance of Retained Earnings can be taken from the balance sheet of the previous year and the budgeted income statement cost of goods sold budget cash budget schedule of cash receipts Question 34 3 pts Under a standard cost system, the journal entry to record direct labor includes a debit for actual quantity times standard cost per hour a debit for standard direct labor quantity for actual production times standard direct labor cost per hour a credit for standard quantity usage for actual production times actual cost per hour a credit for standard quantity for actual production times standard cost per hour