19.4 Quarter: First Second Third Fourth Accounts receivable Receivables (beginning of period) 30.0 35.0 31.4 46.4 Sales 87.5 78.5 116.0 131.0 Collections* 82.5 82.1 101.0 125.0 Receivables (end of period) 35.0 31.4 46.4 52.4 Cash budget Sources of cash Collections of accounts receivable 82.5 82.1 101.0 125.0 Other 1.5 0.0 12.5 0.0 Total sources 84.0 82.1 113.5 125.0 Uses Payments of accounts payable 65.0 60.0 55.0 50.0 Labor and administrative expenses 30.0 30.0 30.0 30.0 Capital expenses 32.5 1.3 5.5 8.0 Taxes, interest, and dividends 4.0 4.0 4.5 5.0 Total uses 131.5 95.3 95.0 93.01 Net cash inflow -47.5 -13.2 18.5 32.0 Short-term financing requirements Cash at start of period 5.0 -42.5 -55.7 -37.2 + Net cash inflow -47.5 -13.2 18.5 32.0 = Cash at end of period -42.5 -55.7 -37.2 -5.2 Minimum operating balance 5.0 5.0 5.0 5.0 Cumulative short-term financing required 47.5 60.7 42.2 10.2