. Jane McDonald, a financial analyst for XYZ Company has prepared the following sales and cash disbursement estimates for the period of Jan-June 2013. She notes that historically 30% of sales have been for cash, of credit sales, 70% are collected one month after sales, and the remaining 30% are collected two months after sales. The firm wishes to maintain a minimum ending balance in its cash account of $25. Balances above the amount would invested in short-term government securities, while any deficits would be financed through short-term bank borrowing. The beginning cash balance at April 1 is $115.

Month	Sales	Cash disbursement
February	$500	$400
March	$600	$300
April	$400	$600
May	$200	$500
June	$200	$200

Prepare a cash budget for April, May and June

How much financing if any, at a maximum would XYZ need to need to meet its obligations during this three month period?