(Appendix) The accuracy of the statement of cash flows can be proved by comparing the cash provided by operating activities with the change in the cash balance.
Answer the following statement true (T) or false (F)
False
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Bright Minds Toy Company prepared the following sales budget for the second quarter. Projected sales for each of the first three months of operations are as follows:Sales BudgetApril May June Cash sales30,000 43,000 55,000 Sales of account370,000 432,000 405,000 400,000 475,000 460,000 Bright Minds expects to collect 70% of the sales on account in the month of sale, and 20% in the month following the sale, and the remainder in the second month following the sale.What is the amount of sales revenue that the company will report on the second quarter pro forma income statement?
A. $1,335,000 B. $1,129,800 C. $1,001,800 D. $1,207,000
How is embezzlement related to theft and fraud?
a. Embezzlement requires the cooperation of the company at large, whereas theft and fraud are individual actions. b. Embezzlement relates specifically to monetary gain, whereas theft and fraud are more broadly about misconduct. c. Embezzlement is a more specific type of fraud in which a person uses the privileges of their employment to mislead or steal from a customer. d. Embezzlement is a subset of theft and fraud that occurs specifically between an employee and employer.
Fletcher Company collected the following data regarding production of one of its products. Compute the total direct labor cost variance. Direct labor standard (2 hrs. @ $12.75/hr.)$25.50 per finished unitActual direct labor hours 81,500 hrs.Actual finished units produced 40,000 unitsActual cost of direct labor$1,100,250
A. $61,125 favorable. B. $61,125 unfavorable. C. $80,250 favorable. D. $19,125 favorable. E. $80,250 unfavorable.
The contract term "delivery ex-ship" means that the risk of loss does not pass to the buyer until the goods are properly unloaded from the ship or other carrier
Indicate whether the statement is true or false