Archer Electronics Companys actual sales and purchases for April and May are shown here, along with forecasted sales and purchases for June through September.

	Sales	Purchases
April (actual)	$ 450,000	$ 195,000
May (actual)	430,000	185,000
June (forecast)	405,000	185,000
July (forecast)	405,000	245,000
August (forecast)	420,000	265,000
September (forecast)	460,000	300,000

The company makes 20 percent of its sales for cash and 80 percent on credit. Of the credit sales, 30 percent are collected in the month after the sale, and 70 percent are collected two months later. Archer pays for 20 percent of its purchases in the month after purchase and 80 percent two months after.

Labor expense equals 15 percent of the current month's sales. Overhead expense equals $13,300 per month. Interest payments of $36,500 are due in June and September. A cash dividend of $56,500 is scheduled to be paid in June. Tax payments of $26,300 are due in June and September. There is a scheduled capital outlay of $430,000 in September.

Archer Electronics' ending cash balance in May is $26,500. The minimum desired cash balance is $11,300.

Prepare a complete monthly cash budget with borrowing and repayments for June through September. The maximum desired cash balance is $51,300. Excess cash (above $51,300) is used to buy marketable securities. Marketable securities are sold before borrowing funds in case of a cash shortfall (less than $11,300).