Traders,Inc.usesaccrualaccounting.Itsbalancesheetasoftheendofthethirdquarterofthecalendaryear2015 isshown onthefollowingpage:

TRADERS,INC.

Balance SheetSeptember30,2015

Assets Cash	P416,000	LiabilitiesandEquity Accountspayable	P1,400,000
Accountsreceivable,net	1,200,000	Capitalstock	7,200,000
Merchandiseinventory	2,520,000	Retainedearnings	3,536,000
Non-currentassets	8,000,000
Totalassets	P12,136,000	Total liabilities andStockholders'equity	P12,136,000

Additionalinformation:

• BudgetedsalesforOctoberisP4,160,000;forNovember,P4,000,000
• Grossprofitrateis20%
• Ofthetotalsales,40%isoncreditwhichthecompanycollectsinthemonthfollowingthemonthof sale.
• Purchasesineachmontharecomposedof:

80%ofthecomingmonth'srequirement20%ofthecurrentmonth'srequirement

• Purchasesarepaidforinthemonthfollowingthemonthofpurchase

1. ThebudgetedcashcollectionsforthemonthofOctoberis
2. BudgetedpurchasesduringOctoberis
3. ThebudgetedgrossprofitforthemonthofOctoberis