Cash Budgeting The sales budget for your company in the coming year is based on a 20 per cent quarterly growth rate with the first-quarter sales projection at £100 million.

In addition to this basic trend, the seasonal adjustments for the four quarters are 0, −£10, −£5, and £15 million, respectively. Generally, 50 per cent of the sales can be collected within the quarter and 45 per cent in the following quarter; the rest of sales are bad debt. The bad debts are written off in the second quarter after the sales are made. The beginning accounts payable balance is £81 million. Assuming all sales are on credit, compute the cash collections from sales for each quarter.