Cash budget-Basic Grenoble Enterprises had sales of $49,900 in March and $60,000 in April. Forecast sales for May, June, and July are $69,700, $79.900, and $100,500, respectively. The firm has a cash balance of $5,300 on May 1 and wishes to maintain a minimum cash balance of $5,300. 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, 58% are collected in the next month, and the remaining 26% are collected in the second month following sale. (2) The firm receives other income of $1,600 per month (3) The firm's actual or expected purchases, all made for cash, are $49,900, 69,900, and $80,300 for the months of May through July, respectively. (4) Rent is $3,000 per month. (5) Wages and salaries are 9% of the previous month's sales. (6) Cash dividends of $2,600 will be paid in June. (7) Payment of principal and interest of $4,000 is due in June. (8) A cash purchase of equipment costing $5,600 is scheduled in July. (9) Taxes of $5,800 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 49,900 $ 7,984 $ April 60,000 $ 9,600 $ May 69,700 $ 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 Dividends Principal and interest Purchase of new equipment Taxes due Total cash disbursements $ $ $ $ $