Cash budget-Basic Grenoble Enterprises had sales of $49,600 in March and $59,700 in April. Forecast sales for May, June, and July are $69,500, $79,700, and $100,500, respectively. The firm has a cash balance of $4,700 on May 1 and wishes to maintain a minimum cash balance of $4,700. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 25% of sales for cash, 58% are collected in the next month, and the remaining 17% 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 $49,500, $70,300, and $80,500 for the months of May through July, respectively. (4) Rent is $2,800 per month. (5) Wages and salaries are 11% of the previous month's sales. (6) Cash dividends of $3,400 will be paid in June. (7) Payment of principal and interest of $3,700 is due in June. (8) A cash purchase of equipment costing $5,500 is scheduled in July. (9) Taxes of $6,200 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.) May Sales $ March 49,600 $ 12,400 April 59,700 $ 14,925 $ 69,500 A A Cash sales Lag 1 month Lag 2 months Other income Total cash receipts A A