Cash budget Basic Grenoble Enterprises had sales of $49,700 in March and $60,500 in April. Forecast sales for May, June, and July are $69,700 $79,500, and $100,200, respectively. The firm has a cash balance of $4,800 on May 1 and wishes to maintain a minimum cash balance of $4,800. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 22% of sales for cash, 59% are collected in the next month, and the remaining 19% are collected in the second month following sale. (2) The firm receives other income of $2,300 per month. (3) The firm's actual or expected purchases, all made for cash, are $49,700, $69,600, and $79,500 for the months of May through July, respectively. (4) Rent is $3,100 per month. (5) Wages and salaries are 12% of the previous month's sales. (6) Cash dividends of $2,900 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 $6,500 is scheduled in July. (9) Taxes of $6,300 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.)

This is what I have so far :

	March		April		May
Sales	$	49,700	$	60,500	$	69,700
Cash sales		10,934		13,310	$	15,334
Lag 1 month					$	35,695
Lag 2 months					$	9,443
Other income					$	2,300
Total cash receipts					$	62,772

(Round to the nearest dollar. Please input all the values in the table before checking your answers.)

	March		April		May
Disbursements
Purchases					$	(49,700)
Rent					$	(3,100)
Wages and salaries					$	(7,260)
Dividends					$	0
Principal and interest					$	0
Purchase of new equipment					$	0
Taxes due					$	0
Total cash disbursements					$	(60,060)