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 17% of sales for cash, 65% are collected in the next month, and the remaining 18% are collected in the second month following sale. (2) The firm receives other income of $2,100 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,300,$69,800, and $79,600 for the months of May through July, respectively. (4) Rent is $2,900 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 $4,000 is due in June. (8) A cash purchase of equipment costing $6,400 is scheduled in July. (9) Taxes of $6,500 are due in June