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Wildcat, Inc., has estimated sales (in millions) for the next four quarters as follows: Sales Q1 $ 115 Q2 $ 135 Q3 $ 155 Q4 $ 185 Sales for the first quarter of the year after this one are projected at $130 million. Accounts receivable at the beginning of the year were $51 million. Wildcat has a 45-day collection period. Wildcat's purchases from suppliers in a quarter are equal to 45 percent of the next quarter's forecasted sales, and suppliers are normally paid in 36 days. Wages, taxes, and other expenses run about 20 percent of sales. Interest and dividends are $11 million per quarter. Wildcat plans a major capital outlay in the second quarter of $70 million. Finally, the company started the year with a cash balance of $68 million and wishes to maintain a $30 million minimum balance. a. Complete the following cash budget for Wildcat, Inc. (Enter your answers in millions. Negative amounts should be indicated by a minus sign. Do not round intermediate calculations and round your final answers to 2 decimal places (e.g., 32.16).) Q1 Beginning cash balance Net cash inflow $68.00 WILDCAT, INC. Cash Budget (in millions) Q2 $ Q3 $ Q4 $ Ending cash balance $ Minimum cash balance Cumulative surplus (deficit) $ -30.00 $ $ -30.00 $ $ -30.00 $ -30.00 $ Assume that Wildcat can borrow any needed funds on a short-term basis at a rate of 4 percent per quarter and can invest any excess funds in short-term marketable securities at a rate of 3 percent per quarter. b-1. Complete the following short-term financial plan for Wildcat, Inc. (Enter your answers in millions. Negative amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Do not round intermediate calculations and round your final answers to 2 decimal places (e.g., 32.16).) Beginning cash balance Net cash inflow New short-term investments Income from short-term investments Short-term investments sold New short-term borrowing Interest on short-term borrowing Short-term borrowing repaid WILDCAT, INC. Short-Term Financial Plan (in millions) Q1 Q2 $30.00 $ 30.00 Q3 Q4 $ 30.00 $ 30.00 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Ending cash balance $ $ $ Minimum cash balance Cumulative surplus (deficit) $ Beginning short-term investments Ending short-term investments Beginning short-term debt Ending short-term debt b-2. What is the net cash cost for the year? (Negative amount should be indicated by a minus sign. Enter your answers in millions. Do not round intermediate calculations and round your final answer to 2 decimal places (e.g., 32.16).) Net cash cost $ Wildcat, Inc., has estimated sales (in millions) for the next four quarters as follows Q1 Sales Q2 $ 115 Q3 $ Sales for the first quarter of the year after this one are projected at $130 million. Accounts receivable at the beginning of the year were $51 million. Wildcat has a 45-day collection period. WILDCAT, INC. Cash Budget (in millions) Q1 Beginning Cash Balance Net Cash Inflow Ending Cash Balance Minimum Cash Balance Cumulative surplus (deficit) Q2 68 1.85 69.85 (30) 39.85 Q3 70 (68.65) 1.20 ### (28.80) Q4 1.20 5.65 6.85 (30) (23.15) 6.85 31.10 37.95 (30) 7.95 b-1 Complete the following short-term financial plan for Wildcat, Inc. Q1 Beginning Cash balance Net Cash Inflow New Short term Investments Income From Short term Investments Short term Investments sold New Short term Borrowings Interest on Short Term Borrowings Short term Borrowings repaid Ending cash Balance Minimum Cash Balance Cumulative Surplus (deficit) Beginning Short term Investments Ending Short term Investments Beginning Short term debt Ending short term debt WILDCAT, INC. Short term financial Plan (in millions) Q3 Q2 30 1.85 30 (68.65) 30 5.65 Q4 30 31.10 135 $ Q4 155 $ 185