1. Wildcat, Inc., has estimated sales (in millions) for the next four quarters as follows:

Q1 = $105; Q2 = $90; Q3 = $122; Q4 = $140

Sales for the first quarter of the year after this one are projected at $120 million.

Accounts receivable at the beginning of the year were $34 million. Wildcat has a 45 day collection period. Wildcats purchases from suppliers in a quarter are equal to 45% of the next quarters forcecast sales, and suppliers are normally paid in 30 days. Wages, taxes, and other expenses run about 30% of sales. Interest and dividends are $6 million per quarter.

Wildcat plans a major capital outlay in the second quarter of $40 million. Finally, the company started the year with a $32 million cash balance and wishes to maintain a $15 million minimum balance.

Complete a cash budget for Wildcat.