Piano Man, Inc., has a 32-day average collection period

Answer of Piano Man, Inc., has a 32-day average collection period in $2 Only (Instant Download)

Piano Man, Inc., has a 32-day average collection period and wants to maintain a minimum cash balance of $20 million, which is what the company currently has on hand. The company currently has a receivables balance of $182 million and has developed the following sales and cash disbursement budgets in millions:

Q1Q2Q3Q4
  Sales$315$390$475$435
  Total cash disbursement265340605375
Required:
Complete the following cash budget for the company. (Do not round intermediate calculations. Negative amounts should be indicated by a minus sign. Enter your answers in millions of dollars. Round your answers to the nearest whole million dollar amount (e.g., 32).)
PIANO MAN, INC.
Cash Budget
(in millions)
Q1Q2Q3Q4
  Beginning receivables$$$$
  Sales315390475435
  Cash collections
  Ending receivables$$$$
  Total cash collections$$$$
  Total cash disbursements265340605375
  Net cash inflow$$$$
  Beginning cash balance$$$$
  Net cash inflow
  Ending cash balance$$$$
  Minimum cash balance$$$$
  Cumulative surplus (deficit)$$$$

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