Complete a cash budget for Hoyt, Inc.

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

Q1 $240

Q2 $250

Q3 $205

Q4 $350

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Sales for the 1st quarter next year is projected to be $230.

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Accounts Receivable at the beginning of the year was $100.

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Beginning Accounts Payable were $60.

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The beginning cash balance is $50.

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Hoyt, Inc. cash collection schedule is as follows: 60% of sales in the current

quarter, 40% in the 1st quarter after sales.

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Purchases from suppliers in a quarter are equal to 50% of the next quarters

forecasted sales

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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