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 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 $30
  Complete a cash budget for Hoyt, Inc.
  
  

Quote:

---

Originally Posted by dominiquecooper

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 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 $30
  Complete a cash budget for Hoyt, Inc.

---

You forgot to post your work and answers that have to go with your homework.. We don't do your assignments so you don't have to. We will however correct you once you show us what you got, why and how.

Shouldn't take long just plug the numbers into a spreadsheet and let us know if you have unresolved questions