Cash budget-Basic Grenoble Enterprises had sales of $49,500 in March and 560,300 in April. Forecast sales for May, June, and July are $70,400, $79,600, and $100,100 respectively. The firm has a cash balance of $5,100 on May 1 and wishes to maintain a minimum cash balance of $5,100. Given the following data, prepare and interpret a cash budget for the months of May, Juno, and July (1) The firm makes 23% of sales for cash 63% 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 $1,600 per month (3) The firm's actual or expected purchases, al made for cash, are $49,900, S70,500, and $80, 300 for the months of May through July, respectively (4) Rent is $3,000 per month (5) Wages and salaries are 9% of the previous month's sales (6) Cash dividends of $3,400 will be paid in June (7) Payment of principal and interest of $4,200 is due in June (8) A cash purchase of equipment costing S6,100 is scheduled in July (9) Taxes of $6,500 are due in June