$5,500 on May 1 and wishes to maintain a minimum cash balance of $5,500. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 23% of sales for cash, 62% are collected in the next month, and the remaining 15% are collected in the second month following sale. (2) The firm receives other income of $1,700 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,500,$69,500, and $80,500 for the months of May through July, respectively. (4) Rent is $2,700 per month. (5) Wages and salaries are 11% of the previous month's sales. (6) Cash dividends of $3,300 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 $5,700 is scheduled in July. (9) Taxes of $5,500 are due in June