Indicate whether each of the following statements is true or false.
1. The Selling and Administrative Expense (S&A) budget includes depreciation expense, which is based on projections from the capital expenditures budget.
2. Interest expense on the S&A budget is based on borrowing projections shown in the cash budget.
3. The schedule of cash payments for selling and administrative expenses includes the amount of depreciation expense for the period.
4. A pro forma financial statement could be described as a budgeted financial statement.
5. Pro forma financial statements include amounts drawn from the sales budget, the inventory purchases budget, the S&A budget, and the cash budget.

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The Answer of Indicate whether each of the following statements is true or false.
1. The Selling and Administrative Expense (S&A) budget includes depreciation expense, which is based on projections from the capital expenditures budget.
2. Interest expense on the S&A budget is based on borrowing projections shown in the cash budget.
3. The schedule of cash payments for selling and administrative expenses includes the amount of depreciation expense for the period.
4. A pro forma financial statement could be described as a budgeted financial statement.
5. Pro forma financial statements include amounts drawn from the sales budget, the inventory purchases budget, the S&A budget, and the cash budget.

Indicate Whether Each of the Following Statements Is True or False