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

PART I.Hoyt, Inc. has estimated current year sales (in millions) for the next four quarters.Quarter 1 – $240, Quarter 2 – $250, Quarter 3 – $205, and Quarter 4 – $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 quarter’s 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 $30Question #1: Complete a cash budget for Hoyt, Inc.