Christian.Co has sales projections (in million dollars) for the following four quarters:

Account receivables at the beginning of this year were $ 150 million. Christian.Co has an average collection period of 45 days.

Christian.Co purchases from suppliers on each quarter are 40% of the estimated sales of the next quarter, and the average account payable period is 30 days. Salaries, taxes, and other expenses for each quarter are 30% of sales. The dividend is $ 20 million, paid quarterly.

Christian.Co plans a capital expenditure in the second quarter of $ 150 million. The company has an initial cash balance of $ 85 million with a minimum balance of. 85 $million. Assume that the company must borrow the funds needed in the short term at an interest rate of 5% per quarter and the interest is paid in the following quarter.

Prepare a cash budget for Christian.Co! (Assuming 1 quarter = 90 days)

Q1 Q2 Q3 Q4 Ql* Sales 410 395 440 500 500*(1+25%)