Cash budget-Basic Grenoble Enterprises had sales of $49,800 in March and $59,700 in April. Forecast sales for May, June, and July are $70,300,$80,300, and $99,600, respectively. T 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, Jun July. (1) The firm makes 23% of sales for cash, 65% are collected in the next month, and the remaining 12% are collected in the second month following sale. (2) The firm receives other income of $2,000 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,400,$69,700, and $80,100 for the months of May through July, respectively. (4) Rent is $3,500 per month. (5) Wages and salaries are 8% of the previous month's sales. (6) Cash dividends of $2,700 will be paid in June. (7) Payment of principal and interest of $3,600 is due in June. (8) A cash purchase of equipment costing $5,800 is scheduled in July. (9) Taxes of $6,500 are due in June