hoyt inc has estimated current year sales in millions for the next four quarters 497447

PART I.
Hoyt, Inc. has estimated current year sales (in millions) for the next four quarters.

Quarter 1 – $240, Quarter 2 – $250, Quarter 3 – $205, and Quarter 4 – $350

Sales for the 1st quarter next year are projected to be $230.
Accounts Receivable at the beginning of the year was $100.
Beginning Accounts Payable were $60.
The beginning cash balance is $50.
Hoyt, Inc. cash collection schedule is as follows: 60% of sales in the current quarter, 40% in the 1st quarter after sale.
Purchases from suppliers in a quarter are equal to 50% of the next quarter s forecasted sales.
Suppliers are normally paid in 50% in the quarter purchases are made and 50% in the following quarter.
Wages, taxes and other expenses are 20% of current quarter sales
Hoyt, Inc. maintains a minimum cash balance of $30

Question #1: Complete a cash budget for Hoyt, Inc.