1. Petite Martinique Ltd. Had sales of 49,769 in March and 59,902 in April. Forecast sales for May, June and July are 69,969, 84,513 and 99,931, respectively. The firm has a cash balance of $2,000 on May 1 and wishes to maintain a minimum cash balance of $5,000. Given the following data, prepare and interpret a cash budget for the months of May, June and July. 1) The firm makes 17% of sales for cash, 57% are collected in the next month, and the remaining 26% are collected in the second month following sale. 2) The firm receives other income of $2,000 per month 3) The firms actual or expected purchases, all made for cash, are 51,610, 69,949 and 89,662 for the months of May through July, respectively. 4) Rent is $2,700 per month 5) Wages and salaries are 8% of the previous months sales 6) Cash dividends of $3,200 will be paid in June. 7) Payment of principal and interest of $3,500 is due in June 8) A cash purchase of equipment costing $5,900 is scheduled in July. 9) Taxes of $6,400 are due in June.