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MT Corporation has to construct its cash budget for July to September given the following:...

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Accounting

MT Corporation has to construct its cash budget for July to September given the following: Cash Receipts for July = PHP 215,000, August = PHP 275,000, & September = PHP 295,000 Cash Disbursements for July = PHP 205,000, August = PHP 300,000, & September = PHP 325,000 Beginning Cash Balance (July) = PHP 30,000 Minimum Cash Balance Needed (monthly) = PHP 25,000

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Data for LM Corporation (for the year 2021): Sales = PHP 1,000,000, Cost of Sales = PHP 425,000 (PHP 200,000 of which is fixed), Operating Expenses = PHP 250,000 (PHP 200,000 of which is fixed), Interest Expense = PHP 20,000 (PHP 20,000 of which is fixed), Tax Rate = 30%. Estimates for the year 2022: Sales = PHP 1,200,000, Tax Rate = 30% 4.1. Prepare the estimated income statement for 2022 using the methodology percent- of-sales. 4.2. Construct the projected income statement for 2022 using the methodology percent- of-sales after considering the fixed & variable costs of some accounts.

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