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Dove Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $250,000, $320,000, and $410,000, respectively, for September, October, and November. The company expects to sell 25% of its merchandise for cash. Of sales on account, 70% are expected the sale and 30% in the month following the sale. to be collected in the month of 21. The cash collections in November are a. $317,750 b. $389,750 $490,000 d. $410,000 22. The primary objectives of investing in temporary investments is to a. all of these b. realize gains from increases in market price of the securities c. receive dividends d. earn interest revenue 23. laxson Corporation has the following data related to direct labor costs for September: actual costs are 1 at $15.75 per hour and standard costs are 10,800 hours at $15.50 per hour What is the direct labor time variance? a. $9,300 favorable b. $9,300 unfavorable .$9,450 favorable d. $9,450 unfavorable The following information pertains to Diane Company. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Assets 530,000 Cash and short-term investments Accounts receivable (net) Inventony Property, plant, and equipment Total assets 20,000 15,000 $250.000 $ 45,000 Current liabilities Long-term liabilities Stockholders' equity-Common Total liabilities and stockholders' equity 70,000 Sales Cost of goods sold Gross margin Operating expenses Interest expense Net income $85,000 45.000 $40,000 (15,000) Number of shares of common stock outstanding 6,000

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