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

Q1 $240 Q2 $250 Q3 $205 Q4 $350

Sales for the 1st quarter next year are projected to be $230. Accounts Receivable at the beginning of the year was $100. Beginning Accounts Payable were $60. The beginning cash balance is $50. Hoyt, Inc. cash collection schedule is as follows: 60% of sales in the current quarter,40% in the 1st quarter after sale. Purchases from suppliers in a quarter are equal to 50% of the next quartersforecasted sales. Suppliers are normally paid in 50% in the quarter purchases are made and 50% in thefollowing quarter. Wages, taxes and other expenses are 20% of current quarter sales Hoyt, Inc. maintains a minimum cash balance of $30

Complete a cash budget for Hoyt, Inc.