Cash budget-Basic Grenoble Enterprises had sales of $50,100 in March and $60,300 in April. Forecast sales for May, June, and July are $70,400, $80,400, and $100,200, respectively. The firm has a cash balance of $5,100 on May 1 and wishes to maintain a minimum cash balance of $5,100. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 17% of sales for cash, 58% are collected in the next month, and the remaining 25% are collected in the second month following sale. (2) The firm receives other income of $2,300 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,500, $69,500, and $79,500 for the months of May through July, respectively. (4) Rent is $3,200 per month. (5) Wages and salaries are 10% of the previous month's sales. (6) Cash dividends of $2,600 will be paid in June. (7) Payment of principal and interest of $3,500 is due in June. (8) A cash purchase of equipment costing $5,500 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.) March April May Sales $ 60,300 $ 70,400 50,100 $ 8,517 Cash sales 10,251 $ $ Lag 1 month Lag 2 months $ Other income Total cash receipts $