Cash budget-Basic Grenoble Enterprises had sales of $50, 100 in March and $59,800 in April. Forecast sales for May, June, and July are $69,700, $79,500, and $100,200, 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, 62% are collected in the next month, and the remaining 22% 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 $50,100, $69,600, and $80,300 for the months of May through July, respectively. (4) Rent is $3,200 per month. (5) Wages and salaries are 8% of the previous month's sales. (6) Cash dividends of $3,200 will be paid in June. (7) Payment of principal and interest of $4,400 is due in June. (8) A cash purchase of equipment costing $5,900 is scheduled in July. (9) Taxes of $5,900 are due in June. June April 59,800 $ May 69,700 $ Sales $ 79,500 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.)