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Cash budget-Basic Grenoble Enterprises had sales of $50,400 in March and $59,800 in April. Forecast sales for May, June, and July are $69,600, $80,000, and $99,800, respectively. The firm has a cash balance of $4,600 on May 1 and wishes to maintain a minimum cash balance of $4,600. Given the following data, prepare and interpreta cash budget for the months of May, June, and July (1) The firm makes 19% of sales for cash, 64% are collected in the next month, and the remaining 17% are collected in the second month following sale. (2) The firm receives other income of $1,600 per month (3) The firm's actual or expected purchases, all made for cash, are $50, 100, $70,100, and $79,800 for the months of May through July, respectively (4) Rent is $3,000 per month (5) Wages and salaries are 11% of the previous month's sales (6) Cash dividends of $2,500 will be paid in June. (7) Payment of principal and interest of $4,100 is due in June. (8) A cash purchase of equipment costing $6,500 is scheduled in July, (9) Taxes of $6.000 are due in June. Complete the first month of the cash budget for Grenoble Enterprises below. (Round to the nearest dollar. Please input all the values in the table before checking your answers.) May 69,600 Sales March 50,400 $ 9,576 $ Cash sales April 59,800 $ 11,362 $ $ Lag 1 month Lag 2 months $ Other income Total cash receipts $ Enter any number in the odit fields and then click Check