CBA Corporations actual sales and purchases for April are shown here along with the forecasted sales and purchases for June through September. Sales Purchases April (actual) P640,000 P260,000 May (actual) 600,000 240,000 June (forecast) 550,000 240,000 July (forecast) 550,000 360,000 August (forecast) 580,000 400,000 September (forecast) 660,000 340,000 The company makes 10% of its sales on cash and 90% on credit. Of the credit sales, 20% are collected in the month after the sale and 80% are collected two months after. The company pays 40% of its purchases in the month after purchase and 60% two months after. Labor expense equals 10% of the current month's sales. Overhead expense equals P24,000/month. Interest payments of P60,000 are due in June and September. A cash dividend of P100,000 is scheduled to be paid in June. Taxes of P50,000 are due in June and September. There is a scheduled capital outlay of P600,000 in September. The company's ending cash balance in May is P40,000. The minimum desired cash balance is P30,000. Prepare a schedule of monthly cash receipts, monthly cash payments and a complete monthly cash budget with borrowing and repayments for June-September. The maximum desired cash balance is P100,000. Excess cash (above P100,000) is used to buy Trading Securities. Trading securities are sold prior to borrowing funds in case of a cash shortfall (less than P30,000). Prepare the cash budget.