Cash budget-Basic Grenoble Enterprises had sales of $49,900 in March and $59,900 in April. Forecast sales for May, June, and July are $70,200, $79,600, and $100,400, respectively. The firm has a cash balance of $5,300 on May 1 and wishes to maintain a minimum ca: 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 15% of sales for cash, 56% are collected in the next month, and the remaining 29% are collected in the second month following sale. (2) The firm receives other income of $1,700 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,300, $70,300, and $79,600 for the months of May through July, respectively. (4) Rent is $3,100 per month. (5) Wages and salaries are 10% of the previous month's sales. (6) Cash dividends of $3,000 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 $6,200 is scheduled in July. (9) Taxes of $6,100 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.) Sales Cash sales Lag 1 month Lag 2 months Other income Total cash receipts March S 49.900 $ April 59,900 $ May 70,200 7,485 8,985 $ $ $ $ $ April May June Disbursements Purchases Rent Wages and salaries Dividends Principal and interest Purchase of new equipment Taxes due Total cash disbursements $ (Round to the nearest dollar. Please input all the values in the table before checking your answers.) Net cash flow Add: Beginning cash Ending cash Minimum cash Required total financing (notes payable) Excess cash balance (marketable securities) April May $ $ $ $ S June 559 S 69 69 Complete the third month of the cash budget for Grenoble Enterprises below: (Round to the nearest dollar. Please input all the value Sales Cash sales Lag 1 month Lag 2 months Other income May June July $ 69,600 $ 80,200 $ 99,600 S $ $ $ Total cash receipts $ (Round to the nearest dollar. Please input all the values in the table before checking your answers.) Disbursements Purchases Rent Wages and salaries Dividends May June July SSSS