Cash budget-Basic Grenoble Enterprises had sales of $49,900 in March and $59,900 in April. Forecast sales for May, June, and July afe $70,400,560,000, and $100,000, respectively. The frum has a cash balance of $4,500 on May 1 and wishes to maintain a minimum cash balance of $4,500. 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 colected in the next month, and the remaining 19% are colloctod in the second month following sa'e. (2) The firm receives other income of $2,100per month. (3) The firm's actual of expected purchases, all made for cash, are 560,600,570,100, and $80,000 for the months of May through July, respectively (4) Rent is $3,100 per month. (5) Wages and salaries are 11% of the previous month's tales. (6) Cash dividends of \$2,500 will be paid in June. (7) Payment of principal and interest of 53,800 is due in June. (8) A cash purchane of equipment costing $6,100 is scheduled in July (9) Tawas of $6,200 are due in June. Conclete the first morth of the cash budget for Grenoble Enterprises below. (Round to the nearest dolar. Please inpul al the values in the tabie before checking your answect)