The difference between total receipts and total payments is referred to as cash balance. net cash flow. cumulative cash flow. beginning cash flow. Total production costs on the production schedule should be equal to cost of goods sold in the pro forma income statement. False No answer text provided. No answer text provided. True In developing the pro forma income statement, we follow four important steps: 1) Compute other expenses. 2) Determine a production schedule. 3) Establish a sales projection. 4) Determine profit by completing the pro forma income statement. What is the correct order for these four steps? 3.2.4.1 1,2,3,4 3.2.1.4 2,1,3,4