Cash budget-Basic Grenoble Enterprises had sales of $49,600 in March and $59,600 in April. Forecast sales for May, June, and July are $70,100, $79,800, and $100,400, 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 18% of sales for cash, 64% are collected in the next month, and the remaining 18% are collected in the second month following sale. (2) The firm receives other income of $2,300 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,100, $70, 100, and $80,400 for the months of May through July, respectively. (4) Rent is $2,700 per month. (5) Wages and salaries are 9% of the previous month's sales. (6) Cash dividends of $2,900 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 $5,900 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.) March April May Sales $ 49,600 $ 59,600 $ 70,100 Cash sales 8,928 10,728 $ Lag 1 month Lag 2 months $ $ Other income $ Total cash receipts $ Enter any number in the edit fields and then click Check