A company specializes in manufacturing tools for car breaks and it receives all income from sales (In millions). Following are the relevant information provided by the finance department. Estimated sales in each quarter: Q1=600;Q2=500;Q3=800;Q4=900;Q1 next year =600 Accounts receivable - Beginning receivables =$350 - Average collection period =45 days Accounts payable - Purchases =50% of next quarter's sales - Beginning payables =200 - Accounts payable period is 45 days Other expenses - Wages, taxes, and other expense are 20% of sales of the quarter. - Interest and dividend payments are $50 - A major capital expenditure of $200 is expected in the first quarter The initial cash balance is $80, and the company maintains a minimum balance of $30 Prepare cash budget for the company and identify the quarter(s) the company is expected have surplus or deficit of funds. [You may use the format attached herewith.] maintains a minimum balance of $30 Prepare cash budget for the company and identify the quarter(s) the company is expected have surplus or deficit of funds. [You may use the format attached herewith.] Comments or concluding remarks: A company specializes in manufacturing tools for car breaks and it receives all income from sales (In millions). Following are the relevant information provided by the finance department. Estimated sales in each quarter: Q1=600;Q2=500;Q3=800;Q4=900;Q1 next year =600 Accounts receivable - Beginning receivables =$350 - Average collection period =45 days Accounts payable - Purchases =50% of next quarter's sales - Beginning payables =200 - Accounts payable period is 45 days Other expenses - Wages, taxes, and other expense are 20% of sales of the quarter. - Interest and dividend payments are $50 - A major capital expenditure of $200 is expected in the first quarter The initial cash balance is $80, and the company maintains a minimum balance of $30 Prepare cash budget for the company and identify the quarter(s) the company is expected have surplus or deficit of funds. [You may use the format attached herewith.] maintains a minimum balance of $30 Prepare cash budget for the company and identify the quarter(s) the company is expected have surplus or deficit of funds. [You may use the format attached herewith.] Comments or concluding remarks