See the following statements about a company's budgeted balance sheet. 1. The budgeted balance sheet represents the company's expected financial position at the end of a future period. 2. The budgeted balance sheet provides only a list of amounts of future assets. 3. The budgeted balance sheet is created as the last step in the budgeting process. Which of the above statements is true? 1 and 3 1 and 2 2 and 3 Which of the following requires a flexible budget to calculate? All these options require a flexible budget. An unfavorable spending variance. An unfavorable activity variance. A favorable revenue variance