Which of the following statements is false with respect to a budgeted income statement? Multiple Choice Its selling and administrative expenses may include depreciation expense. Its net income should equal the net cash flows from the cash budget. Its net income will impact the ending retained earnings balance shown on the balance sheet. O Its interest expense flows from the financing section of the cash budget Assume a company's direct labor budget for October estimates 10,000 labor-hours to meet the month's production requirements. The variable manufacturing overhead rate used for budgeting purposes is $3.00 per direct labor-hour. The budgeted fixed manufacturing overhead for October is $60,000 including $8,000 of depreciation. What is the total budgeted manufacturing overhead for October? Multiple Choice $88,000 $98,000 $82,000 $90,000 Assume a company is preparing a budget for its first two months of operations. During the first and second months it expects credit sales of $68,000 and $70,000, respectively. The company expects to collect 35% of its credit sales in the month of the sale and the remaining 65% in the following month. What amount of accounts receivable would the company report in its balance sheet at the end of the second month? Multiple Choice $68,700 $22.750 $23,800 $45,500