Cash budget-Basic Grenoble Enterprises had sales of $50,200 in March and $59,600 in April. Forecast sales for May, June, and July are $69,600, $79,700, and $100,000, respectively. The firm has a cash balance of $5,300 on May 1 and wishes to maintain a minimum cash balance of $5,300. 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, 57% are collected in the next month, and the remaining 26% 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 549,600, $70,000, and $80,500 for the months of May through July, respectively. (4) Rent is $3,000 per month. (5) Wages and salaries are 12% of the previous month's sales. (6) Cash dividends of $3,000 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 $5,600 is scheduled in July. (9) Taxes of S6,100 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 $ 50,200 $ 59,600 $ 69,600 11.832 8,534 10,132 $ Cash sales Lag 1 month Lag 2 months $ $ Other income Total cash receipts $