Reference no: EM132032342
Question: Piano Man, Inc., has a 40-day average collection period and wants to maintain a minimum cash balance of $30 million, which is what the company currently has on hand. The company currently has a receivables balance of $194 million and has developed the following sales and cash disbursement budgets in millions: Q1 Q2 Q3 Q4 Sales $ 423 $ 495 $ 576 $ 540 Total cash disbursement 322 440 686 445 Complete the following cash budget for the company. (A negative answer should be indicated by a minus sign. Enter your answers in millions of dollars, e.g., 32. Do not round intermediate calculations and round your answers to the nearest whole million dollar amount, e.g., 32.) PIANO MAN, INC. Cash Budget (in millions)
Q1 Q2 Q3 Q4
Beginning receivables $ $ $ $
Sales 423 495 576 540
Cash collections Ending receivables $ $ $ $
Total cash collections $ $ $ $
Total cash disbursements 322 440 686 445
Net cash inflow $ $ $ $
Beginning cash balance $ $ $ $ N
et cash inflow Ending cash balance $ $ $ $
Minimum cash balance $ $ $ $
Cumulative surplus (deficit) $ $ $ $
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