Cash budget-Basic Grenoble Enterprises had sales of $50,100 in March and $60,000 in April. Forecast sales for May, June, and July are $70,000, $79,500, and $100,400, respectively. The firm has a cash balance of $4,600 on May 1 and wishes to maintain a minimum cash balance of $4,600. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 24% of sales for cash, 63% are collected in the next month, and the remaining 13% are collected in the second month following sale. (2) The firm receives other income of $2,400 per month (3) The firm's actual or expected purchases, all made for cash, are $49,500, $70,400, and $80,300 for the months of May through July, respectively. (4) Rent is $3,000 per month. (5) Wages and salaries are 9% of the previous month's sales. (6) Cash dividends of $3,500 will be paid in June. (7) Payment of principal and interest of $4,500 is due in June. (8) A cash purchase of equipment costing $6,500 is scheduled in July (9) Taxes of $6,300 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.) March 50,100 $ 12,024 $ April 60,000 $ 14,400 $ May 70,000 $ Sales Cash sales Lag 1 month Lag 2 months Other income Total cash receipts $ S $