TIME WARNER Company has total fixed assets of P200,000. In addition, its current assets per quarter are as follows: Quarter 1 Quarter 2 Quarter 3 Quarter 4 Cash 40,000 20,000 25,000 30,000 Accounts receivable 76,000 35,000 67,000 108,000 Inventories 40,000 85,000 89,000 30,000 TOTAL CURRENT ASSETS 156,000 140,000 181,000 168,000

REQUIRED: a. How much is TIME WARNER's permanent working capital? b. How much is TIME WARNER's seasonal working capital? c. If TIME WARNER's policy is to finance its fixed assets and half of its permanent working capital with long-term debt and the rest will be financed with short-term debt, what is the amount of long-term financing needed? d. What is type of financing that was used in (c)? e. If TIME WARNER's policy is to use the maturity-matching approach of working capital financing, how much long-term debt is needed?