Cash budget long dashBasic Grenoble Enterprises had sales of $ 49,900 in March and $ 60,000 in April. Forecast sales for May, June, and July are $ 69, 500, $ 79, 500, and $ 99,900, respectively. The firm has a cash balance of $ 5,200 on May 1 and wishes to maintain a minimum cash balance of $ 5,200. 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, 57 % are collected in the next month, and the remaining 26 % 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 $ 50,200, $ 69,900, and $ 80,200 for the months of May through July, respectively. (4) Rent is $ 3,000 per month. (5) Wages and salaries are 11 % of the previous month's sales. (6) Cash dividends of $ 2,600 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 $ 6,500 is scheduled in July. (9) Taxes of $ 5,600 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 Sales $ 49,900 $ 60,000 $ 69,500 Cash sales 8,483 10,200 $ Lag 1 month $ Lag 2 months $ Other income $ Total cash receipts $