Cash budget Basic Grenoble Enterprises had sales of $50,300 in March and $59,500 in April. Forecast sales for May, June, and July are S69,600, $80,200, and $99,600, 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 24% of sales for cash, 62% are collected in the next month, and the remaining 14% are collected in the second month following sale. (2) The firm receives other income of $2,400 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,300, $69,900, and $79,800 for the months of May through July, respectively (4) Rent is S3,200 per month. (5) Wages and salaries are 12% of the previous month's sales. (6) Cash dividends of $3,300 will be paid in June. (7) Payment of principal and interest of $4,400 is due in June. (8) A cash purchase of equipment costing $6,200 is scheduled in July (9) Taxes of S5,700 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 $50,300 S 59,500 69,600 Cash sales Lag 1 month Lag 2 months Other income 14,280 S Total cash receipts Round to the nearest dollar. Please input all the values in the table before checking your answers.) March Wages and salaries