The following case study is associated with more than one question It is now the beginning of Quarter 1 (Q.1). Imagine you are the finance director for Chestnut. Trading Ltd and have just been presented with your team's credit sales forecast for the next five quarters. Chestnut. Trading PLC Last Q1 Q2 22 23 0.4 0.5 Credit sales 400 5375 415 5456 4485 490 Credit purchases 18750 Wages taxes and expenses 160.00 150.00 Interest due on long term debt 16.00 $15.50 16.50 17.00 $17.00 $17.00 Capital Expenditure (Capex) 0.00 0.00 40.00 $0.00 $0.00 $0.00 Beginning accounts receivable E88 89 Ending accounts receivable 88 89 83 33 Collections from credit Sales 39056 Accounts payable coming due 200 83 Beginning cash balance E73.00 Change in cash 1322 Ending cash balance 300 8622 Assumptions Credit purchases percentage of next period forecast sales 50% 50% 50% 50% 50% 50% Wages, taxes and expenses as a percentage of current period sales 40% 40% 40% 40% 40% 40% Days per quarter 90 90 90 90 90 90 Receivables collection period days 20 20 20 20 20 20 Payables period in days 30 30 30 30 30 Minimum cash balance allowed 525 25 525 525 E25 Interest rate on short term investments 10 10% 10% 10% 10% 10% % 888 88 REQUIRED: Chestnut's cash balance at the beginning of Q.4 is forecast at