Cash budget-Basic Grenoble Enterprises had sales of $49,500 in March and $59,500 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 $4,500 on May 1 and wishes to maintain a minimum cash balance of $4,500. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 19% of sales for cash, 62% 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 $2,100 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,400, $70,200, and $80,300 for the months of May through July, respectively. (4) Rent is $2,900 per month. (5) Wages and salaries are 12% of the previous month's sales. (6) Cash dividends of $2,500 will be paid in June. (7) Payment of principal and interest of $3,800 is due in June. (8) A cash purchase of equipment costing $5,500 is scheduled in July. (9) Taxes of $6,100 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 49,500 $ 59,500 $ 69,500 Cash sales 9,405 11,305 $ Lag 1 month Lag 2 months Other income $ $ $ Total cash receipts