Cash budget-Basic Grenoble Enterprises had sales of $49,800 in March and $60,100 in April. Forecast sales for May, June, and July are $70,200, $79,900, and $100,500, respectively. The firm has a cash balance of $5,200 on May 1 and wishes to maintain a minimum cash balance of $5,200. Given the following data, prepare and interpret a cash budget for the months of May, June, and 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 $2,500 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,300, $70,400, and $79,900 for the months of May through July, respectively. (4) Rent is $2,500 per month. (5) Wages and salaries are 9% of the previous month's sales. (6) Cash dividends of $2,800 will be paid in June. (7) Payment of principal and interest of $4,300 is due in June. (8) A cash purchase of equipment costing $6,300 is scheduled in July. (9) Taxes of $6,500 are due in June. March 49,800 $ 11,454 April 60,100 $ 13,823 $ May 70,200 Sales Cash sales Lag 1 month Lag 2 months Other income Total cash receipts (Round to the nearest dollar. Please input all the values in the table before checking your answers.) March April May Disbursements Purchases Rent Wages and salaries April May June Disbursements Purchases A Rent A Wages and salaries Dividends A A Principal and interest Purchase of new equipment Taxes due Total cash disbursements A May 70,200 $ June 79,900 $ July 100,500 $ Sales Cash sales Lag 1 month Lag 2 months Other income Total cash receipts May June July July Disbursements Purchases Rent Wages and salaries Dividends Principal and interest Purchase of new equipment Taxes due Total cash disbursements May June Net cash flow Add: Beginning cash Ending cash Minimum cash Required total financing (notes payable) Excess cash balance (marketable securities) The firm should establish a credit line of at least , but may need to secure three to four times this amount based on scenario analysis. (Round to the nearest dollar.)