Cash budget-Basic Grenoble Enterprises had sales of $50,000 in March and $59,700 in April. Forecast sales for May, June, and July are $69,900, $79,500, and $99,800, respectively. The firm has a cash balance of $4.900 on May 1 and wishes to maintain a minimum cash balance of $4,900. Given the following data, prepare and interpret a cash budget for the months of May, June, and July (1) The firm makes 23% of sales for cash, 61% are collected in the next month, and the remaining 16% are collected in the second month following sale. (2) The firm receives other income of $2,500 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,500, S70,100, and $80,000 for the months of May through July, respectively. 4) Rent is $2,900 per month 15 Wages and salaries are 8% of the previous month's sales (6) Cash dividends of $2,500 will be paid in June. Payment of principal and interest of $4,100 is due in June. (8) A cash purchase of equipment costing $6,200 is scheduled in July (9) Taxes of $5,600 are due in June. C. 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 $ 50,000 $ 59,700 $ 69,900 11,500 Cash sales Lag 1 month Lag 2 months 13,731 $ $ $ Other income $ Total cash receipts $