Cash budget-Basic Grenoble Enterprises had sales of $49,800 in March and $59,900 in April. Forecast sales for May, June, and July are $70,400, $79,800, and $100,300, 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 16% of sales for cash, 65% 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 $1,500 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,400, $69,900, and $79,500 for the months of May through July, respectively. (4) Rent is $3,000 per month. (5) Wages and salaries are 10% of the previous month's sales. (6) Cash dividends of $3,300 will be paid in June. (7) Payment of principal and interest of $3,500 is due in June. (8) A cash purchase of equipment costing $6,000 is scheduled in July (9) Taxes of $5,900 are due in June Cash budget-Basic Grenoble Enterprises had sales of $49,800 in March and $59,900 in April. Forecast sales for May, June, and July are $70,400, $79,800, and $100,300, 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 16% of sales for cash, 65% 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 $1,500 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,400, $69,900, and $79,500 for the months of May through July, respectively. (4) Rent is $3,000 per month. (5) Wages and salaries are 10% of the previous month's sales. (6) Cash dividends of $3,300 will be paid in June. (7) Payment of principal and interest of $3,500 is due in June. (8) A cash purchase of equipment costing $6,000 is scheduled in July (9) Taxes of $5,900 are due in June