ABC Corporation has estimated sales (in millions) for the next four quarters as follows :

Sales for the first quarter of the year after this one is projected at $95,000 million. Accounts receivable at the beginning of the year were $15,088 million. ABC has a 30-day collection period. ABCs purchases from suppliers in a quarter are equal to 56.5% of the next quarters forecast sales, and suppliers are normally paid in 39 days. Wages, taxes and other expenses run about 35% of sales. Interest and dividends are $350 million per quarter. ABC Corporation plans to invest on capital expenditure in the each quarter except for the first quarter, of 256 million each. The company started the year with a $650 million cash balance and wishes to maintain a $70 million minimum balance.

Q1 Q2 Q3 Q4 Sales $85,566 $88,022 $73,155 $105,000