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The XYZ company specializes in homemade biscuits and receives all income from sales

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The XYZ company specializes in homemade biscuits and receives all income from sales. The sales revenue estimates (in million $) for the company are as follows:

Q1 = 500, Q2 = 550, Q3 = 600, Q4 = 650 and Q1 of next year = 650. The average collection period for accounts receivables is 60 days. Beginning receivables (Q1 beginning) is $200 million. The purchases are 50% of next quarter sales. Beginning payables (Q1 beginning) is $150 million. The accounts payable period is 30 days.

Wages and other expenses every quarter are 20% of the sales revenue of that quarter. A CAPEX of $50 is planned end of Quarter 3. Dividends and interest payments are $10 million every quarter. There are no other expenses. The beginning cash balance (Q1 beginning) is $30 million.

How much will be the cash balance at the end of Quarter 4?

XYZ company wants to maintain a cash balance of $35 million every quarter. Will there be any cash deficit in any quarter ?