SWISS Company, has prepared the following sales and cash disbursement estimates for the period FebruaryJune of the current year.

Month Sales Cash payment

February $500 $400

March 600 300

April 400 600

May 200 500

June 200 200

SAM notes that, historically, 30% of sales have been for cash. Of credit sales,70% are collected 1 month after the sale, and the remaining 30% are collected2 months after the sale. The firm wishes to maintain a minimum ending balance in its cash account of $25. Balances above this amount would be invested whereas any deficits would be financed through short-term bank borrowing (notes payable). The beginning cash balance at April 1 is $115.

a. Prepare cash budgets for April, May, and June.