Please show all of your work.

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

Q1 $240

Q2 $250

Q3 $205

Q4 $350

o Sales for the 1st quarter next year are projected to be $230. o Accounts Receivable at the beginning of the year was $100. o Beginning Accounts Payable were $60. o The beginning cash balance is $50. o Hoyt, Inc. average cash collection schedule (Days Sales Outstanding) is every 37 days. o Purchases from suppliers in a quarter are equal to 60% of the next quarters forecasted sales. o Suppliers are normally paid every 42 days. o Interest and dividend payments are $45 per quarter. o Wages, taxes and other expenses are 20% of current quarter sales. o A major capital expenditure of $150 will occur in Q1.

o	Bella, Inc. maintains a minimum cash balance of $30. Complete a cash budget for Bella, Inc.