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Cash budget - Basic Grenoble Enterprises had sales of $ 5 0 , 4 0 0 in March and $ 6 0 , 0 0

Cash budget-Basic Grenoble Enterprises had sales of $50,400 in March and $60,000 in April. Forecast sales for May, June, and July are $70,000,$80,000, and $99,800, respectively. 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 20% of sales for cash, 65% 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 $1,900 per month.
(3) The firm's actual or expected purchases, all made for cash, are $50,300,$69,900, and $80,000 for the months of May through July, respectively.
(4) Rent is $3,000 per month.
(5) Wages and salaries are 10% of the previous month's sales.
(6) Cash dividends of $3,100 will be paid in June.
(7) Payment of principal and interest of $4,300 is due in June.
(8) A cash purchase of equipment costing $5,800 is scheduled in July.
(9) Taxes of $5,700 are due in June.
Complete the first month of the cash budget for Grenoble Enterprises below: (Round to the nearest dollar. Please input all the values in the table before checking your answers.)
\table[[,,arch,April,,May],[Sales,$,50,400$,60,000,$,70,000],[Cash sales,,10,080,12,000,$,],[Lag 1 month,,,,$,],[Lag 2 months,,,,$,],[Other income,,,,$,],[Total cash receipts,,,,$,]]
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