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 $70,000, $79,700, and $99,600, 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 19% of sales for cash, 57% 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 $2,000 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,000,$70,300, and $80,500 for the months of May through July, respectively. (4) Rent is $3,000 per month. (5) Wages and salaries are 12% of the previous month's sales. (6) Cash dividends of $2,900 will be paid in June. (7) Payment of principal and interest of $4,100 is due in June. (8) A cash purchase of equipment costing $6,300 is scheduled in July. (9) Taxes of $6,400 are due in June