2. On December 31, 2019 and 2020, Susie Corporation had 100,000 shares of common stock and 50,000 shares of noncumulative and nonconvertible preferred stock issued and outstanding.

Additional information:

Stockholders' equity at 12/31/20 P4,500,000

Net income year ended 12/31/20 1,200,000

Dividends on preferred stock year ended 12/31/20 300,000

Market price per share of common stock at 12/31/20 144

The price-earnings ratio on common stock at December 31, 2020, was ______________

3. W Corporation's stockholders' equity at December 31, 2020 consists of the following:

6% cumulative preferred stock, P100 par, liquidating value

was P110 per share; issued and outstanding 50,000 shares P5,000,000

Common stock, par, P5 per share; issued and

outstanding, 400,000 shares 2,000,000

Retained earnings 1,000,000

Total P8,000,000

Dividends on preferred stock have been paid through 2019.

At December 31, 2020, M Corporation's book value per share was ______________

4. Zucini Corporation sells a single product. Budgeted sales for the year are anticipated to be 640,000 units, estimated beginning inventory is 108,000 units, and desired ending inventory is 90,000 units. The quantities of direct materials expected to be used for each unit of finished product are given below.

Material A .50 lb. per unit @ P .60 per pound

Material B 1.00 lb. per unit @ P1.70 per pound

Material C 1.20 lb. per unit @ P1.00 per pound

The peso amount of direct material A used in production during the year is: ________________

5. The treasurer of Oasis Company has accumulated the following budget information for the first two months of the coming year:

March

April

Sales.

P450,000

P520,000

Manufacturing costs

290,000

350,000

Selling and administrative

expenses

41,400

46,400

Capital additions

250,000

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The company expects to sell about 35% of its merchandise for cash. Of sales on account, 80% are expected to be collected in full in the month of the sale and the remainder in the month following the sale. One-fourth of the manufacturing costs are expected to be paid in the month in which they are incurred and the other three-fourths in the following month. Depreciation, insurance, and property taxes represent P6,400 of the probable monthly selling and administrative expenses. Insurance is paid in February and a P40,000 installment on income taxes is expected to be paid in April. Of the remainder of the selling and administrative expenses, one-half are expected to be paid in the month in which they are incurred and the balance in the following month. Capital additions of P250,000 are expected to be paid in March.

Current assets as of March 1 are composed of cash of P45,000 and accounts receivable of P51,000. Current liabilities as of March 1 are composed of accounts payable of P121,500 (P102,000 for materials purchases and P19,500 for operating expenses). Management desires to maintain a minimum cash balance of P20,000.

Required: Prepare a monthly cash budget for March and April.