A company specializes in manufacturing tools for car breaks and it receives all income from sales (In millions). Following are the relevant information provided by the finance department.

Estimated sales in each quarter:

Q1 = 600; Q2 = 500; Q3 = 800; Q4 = 900; Q1 next year = 600

Accounts receivable

Beginning receivables = $350

Average collection period = 45 days

Accounts payable

Purchases = 50% of next quarters sales

Beginning payables = 200

Accounts payable period is 45 days

Other expenses

Wages, taxes, and other expense are 20% of sales of the quarter.

Interest and dividend payments are $50

A major capital expenditure of $200 is expected in the first quarter

The initial cash balance is $80, and the company maintains a minimum balance of $30

Prepare cash budget for the company and identify the quarter(s) the company is expected have surplus or deficit of funds.