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:

Complete the following cash budget for the company. What conclusions do you draw?

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Q1 Q2 Q3Q4 Sales S315 S390 $475 $435 Total cash disbursement 265 340 605 375 PIANO MAN, INC. Cash Budget in millions) Q1 Q2 Q3 Beginning receivables Sales Cash collections Ending receivables Total cash collections Total cash disbursements Net cash inflow Beginning cash balance Net cash inflow Ending cash balance Minimum cash balance Cumulative surplus (deficit)