Cash budget-Basic Grenoble Enterprises had sales of $49,900 in March and $60,200 in April. Forecast sales for May, June, and July are $70,100, $79,900, and $99,500, respectively. The firm has a cash balance of $5,000 on May 1 and wishes to maintain a minimum cash balance of $5,000. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 21% of sales for cash, 55% are collected in the next month, and the remaining 24% 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 $49,700,$69,900, and $80,000 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 $3,400 will be paid in June. (7) Payment of principal and interest of $4,500 is due in June. (8) A cash purchase of equipment costing $6,000 is scheduled in July. (9) Taxes of $6,400 are due in June