Fun toy Inc. receives all income from sales. Calculate their cash budget for short term financial planning with information given below. (10) Sales estimates (in millions) Q1 = 5*; Q2 = 6**; Q3 = 6**; Q4 = 8**; Q1 next year = 550; (**Last two digit of your roll number) Accounts receivable: Beginning receivables = #250; Average collection period = 30 days Accounts payable: Purchases = 50% of next quarter's sales, Beginning payables = 125, Accounts payable period is 45 days Other expenses: Wages, taxes and other expense are 30% of sales, Interest and dividend payments are 50, A major capital expenditure of 200 is expected in the second quarter The initial cash balance is 80 and the company maintains a minimum balance of 50 Fun toy Inc. receives all income from sales. Calculate their cash budget for short term financial planning with information given below. (10) Sales estimates (in millions) Q1 = 5*; Q2 = 6**; Q3 = 6**; Q4 = 8**; Q1 next year = 550; (**Last two digit of your roll number) Accounts receivable: Beginning receivables = #250; Average collection period = 30 days Accounts payable: Purchases = 50% of next quarter's sales, Beginning payables = 125, Accounts payable period is 45 days Other expenses: Wages, taxes and other expense are 30% of sales, Interest and dividend payments are 50, A major capital expenditure of 200 is expected in the second quarter The initial cash balance is 80 and the company maintains a minimum balance of 50