(3) Cash budget-Basic Grenoble Enterprises had sales of $50,100 in March and $60,500 in April. Forecast sales for May, June, and July are $70,400, $79,600, and $100,200, respectively. The firm has a cash balance of $5,400 on May 1 and wishes to maintain a minimum cash balance of $5,400. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 25% of sales for cash, 59% are collected in the next month, and the remaining 16% are collected in the second month following sale. (2) The firm receives other income of $2,100 per month. The firm's actual or expected purchases, all made for cash, are $50,300, $69,600, and $80,500 for the months of May through July, respectively. (4) Rent is $3,200 per month. (5) Wages and salaries are 10% of the previous month's sales. (6) Cash dividends of $3,200 will be paid in June. (7) Payment of principal and interest of $4,400 is due in June. (8) A cash purchase of equipment costing $6,400 is scheduled in July (9) Taxes of $5,600 are due in June