• Tomlinson Retail Store seeks your assistance to develop cash and other budget information for May, June and July 20SY. At April 30, 20SY, the company had cash of P5,500, accounts receivable of P437,000, inventories of P309,400, and accounts payable of P133,055. The budget is based on the following assumptions: a. Sales 1. Each month’s sales are billed on the last day of the month. 2. Customers are allowed 3% discount if payment is made within 10 days after the billing date. Accounts receivable are booked gross. 3. Sixty percent of the billings are collected within the discount period, 25% are collected by the end of the month, 9% are collected by the end of the second month, and 6% prove uncollectible. b. Purchases 1. 54% of all purchases of materials and selling, general, and administrative expenses are paid the month purchased and the remainder in the following month. 2. Each month’s months units of ending inventory is equal to 130% of the next month’s units of sales. 3. The cost of each unit of inventory is P20. 4. Selling, general and administrative expenses, of which P2,000 is depreciation, are equal to 15% of the current month’s sales. Actual and projected sales are as follows: 20SY Pesos Units 20SY Pesos Units March 354,000 11,800 June 342,000 11,400 April 363,000 12,100 July 360,000 12,000 May 357,000 11,900 August 366,000 12,200 REQUIRED: Prepare cash forecast for the months of May, June and July 20SY, based on the above data and supported by the following schedules: a. Cash receipts from accounts receivable. b. Cash disbursements on accounts payable. c. Purchases of inventory d. Cash disbursements on selling, general and administrative expenses.