Estimation of sales(in millions) for the next four quarters are as follows: Q1 Q2 Q3 04 Sales 136 416 326 520 $149 million Sales for the first quarter of the year after this one is projected to be Accounts Receivable at the beginning of the year were $54 million. The Company has a 45-day collection period, The Company's purchases from suppliers in a quarter are equal to 41% of the next quarter's forecasted sales and suppliers are normally paid after 36 days Wages, taxes and other expenses run about 18% of sales. Interests, and dividends are $14 million per quarter. The company plans a capital expenditure(fixed asset purchase) in Quarter 2, for S41 million and Quarter 3, for $10 million. The Company started the year with $22 million cash balance and wishes to maintain a $12 million minimum balance A 45-day collection period means sales collections each quarter are: Collections = ? A 36-day payables period means payables each quarter are: Payables = ? So, the cash inflows and disbursements each quarter are: Q1 Q2 Q3 04 Beginning receivables Sales Collection of accounts Ending receivables Payment of accounts Wages, taxes, and expenses Capital expenditures Interest & dividends Total cash disbursements Total cash collections Total cash disbursements Net cash inflow