4 On a CVP graph for a profitable company, the total expense line will be steeper than the line representing fixed costs. True False 5 The Kafusi Company has the following budgeted sales: April May June July credit sales $320000 $300000 $350000 $400000 Cash sales $70000 $80000 $90000 $70000 The regular pattern of collection of credit sales is 30% in the month of sale, 60% in the month following the month of sale, and the remainder in the second month following the month of sale. There are no bad debts. The budgeted cash receipts for July would be: $430,000 $390,000 $400,000 $435,000 The budgeted accounts receivable balance on May 31 would be: $212,000 $180,000 $210,000 $242,000