Compute for the following:9. Cash receipts10. Cash disbursements 11. Cash Ending balance

Practice Company Balance Sheet December 31, 2003 Assets Equities Cash P 20,000 Accounts payable (for Accounts receivable 30,000 merchandise) P 12,000 Inventory (6,000 units) 30,000 Common stock 200,000 Building and equipment, net 2%.!!10 Retained earnings M Total P280,000 Total P280,000 (a) Sales are collected 40% in month of sale, 60% in the following (b) Purchases are paid 40% in month of purchase, 60% in the following month (c) All other expenses requiring cash are paid in the month incurred (d) The board of directors plans to declare a P3 ,000 dividend on payable on January 25. (e) The following budgeted income statement and purchases budget are provided below. Practice Company Budgeted Income Statement for January Sales P100,000 Cost of sales 25,000 Gross prot P 75,000 Variable costs: Commissions 10,000 Variable operating expenses 5 I000 15,000 Contribution margin P 60,000 Fixed costs: Depreciation 2,000 Other operating expenses 30.000, 412.000 Budgeted income P 18,000 Practice om an Purchases Bud forJanu 2004 Units Pesos Cost of sales 5,000 P 25,000 Desired ending inventory 9 000 45 000 Total requirements 14,000 P 70,000 Beginning inventory @0011 30.0110 Budgeted purchases 8,000 P 40,000 Questions: Compute for the following: 9. Cash receipts 10. Cash disbursements 11. Cash, Ending balance