Kurt Cobaine's sales estimates $($in millions$)$: Q$1=$ $$450$m; Q$2=$ $$300$m; Q$3=$ $$240$m; Q$4=$ $$360$m$.$ The beginning receivables balance is $$80$m$.$ The average collection period is $60$ days. Quarterly estimated purchases cost $75\%$ of the next quarter's sales. The average payables period is $90$ days. Operating expenses are $20\%$ of quarterly sales and paid in the same quarter. The initial cash balance is $$20$m$.$ The minimum cash balance required is $$15$m$.$ The firm can borrow at a quarterly rate of $8\%.$ It can invest any surplus cash for a quarterly return of $6\%.$

I. What is the cash collection for Q$1?(2$ marks$)$

Il$.$ What is the cash disbursement for Q$1?(2$ marks$)$

III. What is the cash surplus or deficit for Q$1?$ How much does the firm have to

invest$/$borrow$?(3$ marks$)$

IV$.$ What is the interest payment $($from a cash deficit$)$ or earning $($from a cash surplus$)$

from Q$1$ cash surplus or deficit in Q$2?(2$ marks$)$

$($PLEASE SHOW ALL CALCULATIONS NOT JUST SPREADSHEET$)$