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PROBLEM 7-G COLLECTIONS BUDGET Marga Corporation has the following historical pattern of credit sales 70% during the month of sale 4% in the third month after sale 15% in the first month after sale 1% uncollectible 10% in the second month after sale Sales on account for the last six months of the year were reported as follows: July P120,000 October P180,000 August 140,000 November 200,000 September 160,000 December 170,000 Required: 1. Compute for the total cash collections during the 4th calendar quarter. 2. A/R balance on the Balance sheet as of Dec. 31PROBLEM 7-H CASH DISBURSEMENTS BUDGET A 2016 cash budget is being prepared for the purchase of TOBI, a merchandise item. Budgeted data are: Cost of goods sold for M P300,000 Accounts payable 1/1/16 P20,000 lnventory-1/1/16 P30,000 \\12/31/16 P42,000. Purchases will be made in twelve equal monthly amounts and paid for in the following month. Requhed: How much is the 2003 budgeted cash payment for purchases of TOBI