DalCo has estimated sales (in millions) for the next five quarters as follows Q1 = 840; Q2 = 870; Q3 = 900; Q4=960; Q1 of next year=860 - The beginning receivables in Q1 are $260 million. DalCo has an average collection period of 30 days. - DalCos purchases from its suppliers in a quarter are equal to 40% of the next quarters forecast sales. The beginning payable of DalCo in Q1 is $168 million. Moreover, its account payable period is 45 days. - Wages, taxes and other expense are 20% of current quarters sales. - Interest and dividend payments are $100 million per quarter. - DalCo plans a major capital expenditure of $500 million in the second quarter. The company has initial cash balance $100 million and wants to maintain a minimum balance of $50 million.

Please use the tables below to show the cash budget for Q1, Q2, Q3, and Q4. Clearly show your work for finding the Net Cash Flow component in the space below the tables. a) Cash collections in millions dollars) Q1 Q2 Q3 Q4 Beginning Receivables 260 Sales 840 870 900 960 Cash Collections Ending Receivables b) Cash disbursements (in millions dollars) Q1 Q2 Q3 Q4 Payment of accounts Wages, taxes and other expenses Capital expenditures Interest and dividend payments Total cash disbursements c) Cash budget (in millions dollars) Q1 Q2 Q3 Q4 cash collections Total cash disbursements Net cash inflow Beginning Cash Balance 100 Net cash inflow Ending cash balance Minimum cash balance -50 -50 -50 -50 Cumulative surplus (deficit)