Complete a cash budget for The Stars basketball team based onthe following information. ? Projected Total Revenues: Q1=$800,Q2=$900, Q3=$950, Q4=$1000, 1 st quarter next yr. = $1000 ?Accounts Receivable (beginning) are equal to $450 ? 50% of Revenuesare cash sales ? The rest of the revenues (50%) are collected inthe following quarter ? Beginning accounts payable are equal to$250 ? Purchases from vendors each quarter are 50% of next quartersales ? Payments to vendors are scheduled as: 70% in the quarter ofthe purchases from vendors and the balance of 30% in the followingquarter. ? Other expenses include: o Team and game expenses whichare 30% of total revenues each quarter o Selling and promotionalexpenses which are 5% of total revenues each quarter o General andadministrative expenses which are 7% of total revenues each quartero Interest expense and taxes which are 6% of total revenues eachquarter ? The beginning cash balance is $120
