Apollo Merchandiser asks your silences to develop cash and other budget information for the first quarter of 2017. In December 31, the store had the following balance:

CashP55,000

Accounts Receivable4,370,000

Inventories3,094,000

Accounts Payable1,330,550

The following information are relevant to 2017 operations:

Sales:

a.Each month's sales are billed on the last day of the month

b.Customers are allowed a 3 percent discount if payment is made within 10 days after the billing date.Receivables are booked gross.

c.Sixty percent of the billings are collected within the discount period, twenty-five percent are collected by the end of the month, nine percent are collected by the end of the second month, and six percent are considered entirely uncollectible.

Purchases:

1.Fifty four percent of all purchases and selling, general, and administrative expense are paid in the month purchased and the remainder in the following month.

2.Each month's units of ending inventory is equal to one hundred thirty percent of the next month's units of sales.

3.The cost of each unit of inventory is P200.

4.Selling, general, and administrative expense, of which P20,000 is depreciable, are equal to fifteen percent of the current month's sales.

Actual and projected sales are as follows:

UNITS PESOS

November 11,800 P3,540,000

December 12,100 3,630,000

January 11,900 3,570,000

February 11,400 3,420,000

March 12,000 3,600,000

April 12,200 3,660,000