Cash budget-Basic Grenoble Enterprises had sales of $50,100 in March and $59,900 in April. Forecast sales for May, June, and July are $69,500, $79,800, and $99,500, 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 firm makes 16% of sales for cash, 60% 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 $49,900, 569,700, and $79,900 for the months of May through July, respectively. (4) Rent is $3,500 per month (5) Wages and salaries are 9% 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 $8,400 is scheduled in July (9) Taxes of $5,600 are due in June