Cash budget-Basic Grenoble Enterprises had sales of $50,000 in March and $60,000 in April. Forecast sales for May, June, and July are $69,700, $30,000, and $100,000, respectively. The firm has a cash balance of $5,400 on May 1 and wishes to maintain a minimum cash balance of $5,400. 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, 56% are collected in the next month, and the remaining 21% are collected in the second month following sale. (3) The firm's actual or expected purchases, all made for cash, are $49,600, 569,600, and $20,400 for the months of May through July, respectively. (4) Rent is $3,200 per month. (5) Wages and salaries are 9% of the previous month's sales (6) Cash dividends of $3,100 will be paid in June. Payment of principal and interest of $4,000 is due in June. (8) A cash purchase of equipment costing $5,900 is scheduled in July (9) Taxes of $5,800 are due in June