a. pro forma income statement
b. cash budget
c. prior balance sheet
d. statement of retained earnings
2. A firm has forecasted sales of $3,000 in January, $6,000 in February, and $5,500 in March. All sales are on credit. 40% is collected the month of sale and the remainder the following month. How much is collected from accounts receivable in February?
3. In financial statements, the number of units shown in cost of goods sold as compared to the number of the units actually produced ______.
a. is higher
b. is lower
c. is the same
d. can be either higher or lower
4. Which of the following is most likely to increase the final number for notes payable in the pro forma balance sheet?
a. decrease in inventory
b. increase in retained earnings
c. decrease in accounts payable
d. decrease in accounts receivable
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