Cash budget-Basic Grenoble Enterprises had sales of $49,600 in March and $60,300 in April. Forecast sales for May, June, and July are $69,900, $79,500, and $100,100, respectively. The firm has a cash balance of $4,800 on May 1 and wishes to maintain a minimum cash balance of $4,800. 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, 61% 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 $2,200 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,400, $70,500, and $79,500 for the months of May through July, respectively. (4) Rent is $2,500 per month. (5) Wages and salaries are 11% of the previous month's sales. (6) Cash dividends of $3,500 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 $6,300 is scheduled in July. (9) Taxes of $5,800 are due in June