Cash budget-Basic Grenoble Enterprises had sales of $50, 100 in March and $59,500 in April. Forecast sales for May, June, and July are $69,900, $79,900, and 599,900, respectively. The firm has a cash balance of $4,800 on May 1 and wishes to maintain a minimum cash balance of $4.800. Given the following data, prepare and interpret a cash budget for the months of May, June, and July (1) The firm makes 24% of sales for cash, 65% are collected in the next month, and the remaining 11% 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 $80,000 for the months of May through July, respectively. (4) Rent is $3,400 per month. (5) Wages and salaries are 9% of the previous month's sales. 6) Cash dividends of $3,500 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 $6,200 is scheduled in July (9) Taxes of $6,400 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 April May Sales $ 50.100 $ 69,900 59,500 $ 14,280 $ 12,024 Cash sales Lag 1 month Lag 2 months $ $ Other income $ Total cash receipts $ Enter any number in the edit fields and then continue to the next question. March April May $ $ $ Disbursements Purchases Rent Wages and salaries Dividends Principal and interest Purchase of new equipment Taxes due Total cash disbursements $ $ March April May Net cash flow $ $ S Add: Beginning cash Ending cash Minimum cash Required total financing (notes payable) $ $ Excess cash balance (marketable securities) $ Complete the second 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.) April June May 69,900 $ Sales $ 59.500 $ 79.900 Cash sales $ $ Lag 1 month Lag 2 months $ Other income $ Total cash receipts $ Enter any number in the edit fields and then continue to the next question. (Round to the nearest dollar. Please input all the values in the table before checking your answers.) April May June $ $ Disbursements Purchases Rent Wages and salaries Dividends Principal and interest Purchase of new equipment Taxes due Total cash disbursements $ $ $ $ GA APILI viay Juile Net cash flow S $ Add: Beginning cash Ending cash $ Minimum cash $ Required total financing (notes payable) Excess cash balance (marketable securities) $ Complete the third month of the cash budget for Grenoble Enterprises below: (Round to the nearest dollar. Please input all the values in the table before checking yo May June July 99,900 Sales $ 69,900 $ 79,900 $ Cash sales $ $ Lag 1 month Lag 2 months $ Other income $ Total cash receipts $ May June July Net cash flow S $ Add: Beginning cash Ending cash S Minimum cash $ S Required total financing (notes payable) Excess cash balance (marketable securities) S The firm should establish a credit line of at least but may need to secure three to four times this amount based on scenario analysis. (Round to the nearest dollar. Enter any number in the edit fields and then continue to the next