Cash budget-Basic Grenoble Enterprises had sales of $50,300 in March and $59,700 in April. Forecast sales for May, June, and July are $69,600, $79,500, and $100,200, respectively. The firm has a cash balance of $5,200 on May 1 and wishes to maintain a minimum cash balance of $5,200. 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, 60% are collected in the next month, and the remaining 23% are collected in the second month following sale. (2) The firm receives other income of $1,900 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,500, $69,500, and $79,900 for the months of May through July, respectively. (4) Rent is $2,700 per month. (5) Wages and salaries are 12% of the previous month's sales. (6) Cash dividends of $3,500 will be paid in June. (7) Payment of principal and interest of $3,900 is due in June. (8) A cash purchase of equipment costing $6,200 is scheduled in July. (9) Taxes of $6,200 are due in June. Complete the second 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.) Sales Cash sales Lag 1 month Lag 2 months April May June $ 59,700 $ 69,600 $ 79,500 $ $ $