Petesy Corporation is preparing its Master Budget for 2019. Budget information is as follows:

SalesProduction CostOperating Expenses

20191^st Quarter P280,000P192,000P64,000

2^nd Quarter 320,000 200,00068,000

3^rd Quarter 360,000 224,00072,000

4^th Quarter352,000 200,00076,000

20201^st Quarter320,000 224,00072,000

The budgeted Finished Goods Inventories are:

2018March 31 P56,000

June 3052,000

September 30 60,000

December 31 48,000

The company uses the JIT system on its purchase of materials. It buys materials on cash basis.

Included in the production cost each quarter is P44,000 in depreciation. The operating expenses include depreciation of P12,000 per quarter. All production costs and operating expenses, with the exemption of depreciation are to be paid during the quarter of incurrence.

Collections on sales are planned at 60% during the quarter of sales, the balance during the quarter following the sale. Dividends of P20,000 is to be paid in June and again in December if covered by sufficient profits. No dividends will be paid if the net profit is less than P120,000.

Income Tax is equal to 32 of the quarter's income before tax and is paid in the following quarter.

The Statement of Financial Position as of December 31, 2018 is as follows:

Petesy Corporation

Statement of Financial Position

December 31, 2018

AssetsEquities

CashP76,000 Income tax payableP 12,000

Accounts Receivable 120,000

Inventory 44,000 Share Capital640,000

Plant and Equipment 580,000 Retained Earnings168,000

Total820,000 TotalP820,000

1.How much was the actual sales during the last quarter of 2018?

2.What is the total budgeted cost of goods sold for the year 2019?

3.How much dividends will be paid in 2019?

4.What is the total budgeted cash disbursements for production costs and operating expenses for the year 2019?

5.What is the budgeted cash balance on December 31, 2019?

6.What is the expected balance of accounts receivable as of December 31, 2019?

7.What is the budgeted balance of raw materials inventory as of December 31, 2019?

8.What is the expected balance of Income tax payable as of December 31, 2019?

9.What is the budgeted balance of Retained Earnings as of December 31, 2019?

10.What is the expected balance of the plant and equipment account as of December 31, 2019?

11.If a budgeted statement of financial position as at December 31, 2019 is to be prepared, total assets will be how much?