Cash budget Basic Grencble Enterprises had sales of $50,000 in March and S60,000 in April. Forecast sales for May, June, and July are $70,400, S80,500, and $100,400, respecively. The firm has a cash balance of $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 21% of sales for cash, 61% 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 $1,500 per month (3) The firm's actual or expected purchases, all made for cash, are S50,100, $69,800, and $79,700 for the months of May through July, respectively (4) Rent is $2,500 per month (5) Wages and salaries are 10% of the previous month's sales. (6) Cash dividends of $3,300 will be paid in June (7) Payment of principal and interest of $4,500 is due in June. (8) A cash purchase of equipment costing S5,600 is scheduled in July (9) Taxes of $5,500 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.) March April May S 50,000 S 60,000 70,400 Sales Cash sales Lag 1 month Lag 2 months Other income 10,500 12,600 S Total cash receipts