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

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.