3. Georgetown Company provides services in the retail flooring industry. The following information is available for 2020 - Twenty percent of the firm's services are for cash and the remaining 80% are on account. Of the credit services, 40% are collected in the month that the service is provided, with the remaining 60% collected in the following month. - Services provided in January are expected to total P250,000 and grow at the rate of 5% per month thereafter. - January's cash collections are expected to be P240,400, and month-end receivables are forecast at P120,000. - Monthly cash operating costs and depreciation during the first quarter of the year are approximated at P250,000 and P15,000, respectively. - Sherman's December 31, 2019 balance sheet revealed accounts payable balances of P28,000. This amount is related to the company's operating costs and is expected to grow to P36,000 by the end of 2020 's first quarter. All operating costs are paid within 30 days of incurrence. - Company policy requires that a P20,000 minimum cash balance be maintained, and Sherman's 2019 yearend balance sheet showed that the firm was in compliance with policy by having cash of P23,000. Required: a. Determine the sales revenue earned that will appear on the income statement for the quarter ended March 31,2020. b. Compute the company's first-quarter cash collections. c. Compute the cash balance that would appear on the March 31, 2020 balance sheet