2. Piano Man, Inc., has a 40-day average collection period and wants to maintain a minimum cash balance of $25 million, which is what the company currently has on hand. The company currently has a receivables balance of $185 million and has developed the following sales and cash disbursement budgets in millions:

Q1 Q2 Q3 Q4 Sales $ 342 $ 414 $ 495 $ 459 Total cash disbursement 281 363 583 380

Complete the following cash budget for the company. (35 Points)

PIANO MAN, INC. Cash Budget (in millions) Q1 Q2 Q3 Q4 Beginning receivables Sales Cash collections Ending receivables Total cash collections Total cash disbursements Net cash inflow Beginning cash balance Net cash inflow Ending cash balance Minimum cash balance Cumulative surplus (deficit)