Give the following information, prepare a cash budget for Q1-Q4:

ABC Ltd. receives all income from sales:

Sales estimates (in millions): Q1 = 500; Q2 = 340; Q3 = 300; Q4 = 900; Q1 next year = 550

• Accounts receivable: Beginning receivables = $300
• Average collection period (ACP) = 15 days

Accounts payable

• Purchases = 75% of next quarters sales
• Beginning payables = 125
• Accounts payable period is 20 days

Other expenses

• Wages, taxes and other expense are 25% 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 $100
• ACP = 20 days
• Minimum required cash balance per quarter is $30