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1. 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 quarters forecasted sales. 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 Complete a cash budget for Hoyt, Inc. 2. You have collected the following information for the Charger Co. Item Beginning Ending Inventory $5,000 $7,000 Accts. Receivable 1,600 2,400 Accts. Payable 2,700 4,800 Credit sales for the year just ended were $50,000, and cost of goods sold was $30,000. a. How long does it take for Charger to collect on its receivables? b. How long does merchandise stay around before it is sold? c. How long does it take Charger to pay its bills? d. What is Chargers operating cycle? e. What is Chargers cash cycle? 14 o Discussion Questions: Post your initial responses by Wednesday 11:59