1 When the cash budget is created for March, the ending cash balance becomes basis for purchases for March basis of accounts receivable for April beginning cash balance for April beginning cash balance for May Question 35 1 pts Monte Carlo Corp. forecast sales in the first three months of the year as follows (in millions of pesos): Php 80 in January; Php 100 in February; and Php 120 in March. In general, 60 percent of sales are paid for in the month in which they occur, and 40 percent in the following month. At the end of December, there were Php24 million in receivables. How much will be collected on accounts receivable in March? Php112 million Php92 million Php120 million Php88 million