Cash budget-Basic Grenoble Enterprises had sales of $50,000 in March and $59,500 in April. Forecast sales for May, June, and July are $70,000, $80,400, and $99,800, 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 fem makes 21% of sales for cash, 59% are collected in the next month, and the remaining 20% are collected in the second month following sale. (2) The firm receives other income of $2,200 per month (3) The firm's actual or expected purchases, all made for cash, are $49.500, $70,000, and $80,000 for the months of May through July, respectively. (4) Rent is $2,500 per month. (5) Wages and salaries are 8% of the previous month's sales (6) Cash dividends of $3,300 will be paid in June. (7) Payment of principal and interest of $4,300 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. 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.) Sales Cash sales Lag 1 month Lag 2 months Other income Total cash receipts March April May $ 50,000 $ 10.500 58,500 $ 70,000 12.495 $ $ $ $ $