Cash budget-Basic Grenoble Enterprises had sales of $49,600 in March and $60,500 in April. Forecast sales for May, June, and July are $69,900, $80,200, and $100,500, respectively. The firm has a cash balance of $5,400 on May 1 and wishes to maintain a minimum cash balance of $5,400. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 15% of sales for cash, 65% are collected in the next month, and the remaining 20% are collected in the second month following sale. (2) The firm receives other income of $2,500 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,300, $69,500, and $79,900 for the months of May through July, respectively. (4) Rent is $3,500 per month. (5) Wages and salaries are 10% of the previous month's sales. (6) Cash dividends of $2,800 will be paid in June. (7) Payment of principal and interest of $4,500 is due in June. (8) A cash purchase of equipment costing $6,300 is scheduled in July. (9) Taxes of $5,900 are due in June. ITILI UN Tuy Net cash flow $ $ Add: Beginning cash Ending cash $ Minimum cash $ Required total financing (notes payable) $ Enter any number in the edit fields and then click Check