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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

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 $188 million and has developed the following sales and cash disbursement budgets in millions:

Q1 Q2 Q3 Q4
Sales $ 369 $ 441 $ 522 $ 486
Total cash disbursement 295 389 617 402

Complete the following cash budget for the company. (A negative answer should be indicated by a minus sign. Enter your answers in millions of dollars, e.g., 32. Do not round intermediate calculations and round your answers to the nearest whole million dollar amount, e.g., 32.)

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PIANO MAN, INC. Cash Budget (in millions) Q1 04 03 Beginning receivables Sales Cash collections Ending receivables SC SC SC [ Total cash collections Total cash disbursements Net cash inflow CSCS Beginning cash balance Net cash inflow Ending cash balance Minimum cash balance Cumulative surplus (deficit)

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