Cash budget-Basic Grenoble Enterprises had sales of $50,300 in March and $59,600 in April. Forecast sales for May, June, and July are $69,800, $80,200, and $99,800, respectively. The firm has a cash balance of $5,000 on May 1 and wishes to maintain a minimum cash balance of $5,000. 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. (2) The firm receives other income of $1,700 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,000, $69,900, and $79,800 for the months of May through July, respectively. (4) Rent is $3,300 per month. (5) Wages and salaries are 12% of the previous month's sales. (6) Cash dividends of $2,900 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 $5,600 is scheduled in July casi p (9) Taxes of $5,600 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.) April May Sales Cash sales Lag 1 month March 50,300 $ 11,569 59,600 S 13,708 S 69,800 16,054 33,376 S Lag 2 months S 10,563 Other income S 1,700 Total cash receipts S 61,693 (Round to the nearest dollar. Please input all the values in the table before checking your answers.) S Total cash receipts 61,693 (Round to the nearest dollar. Please input all the values in the table before checking your answers.) March April May Disbursements Purchases Rent Wages and salaries Dividends Principal and interest Purchase of new equipment Taxes due Total cash disbursements $ GA GA $ SA $ SA