Cash budget-Basic Grenoble Enterprises had sales of $50,300 in March and $60,000 in April. Forecast sales for May, June, and July are $70,300, $79,800, and $99,500, respectively. The firm has a cash balance of $4,500 on May 1 and wishes to maintain a minimum cash balance of $4,500. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 22% of sales for cash, 59% are collected in the next month, and the remaining 19% are collected in the second month following sale. (2) The firm receives other income of $1,800 per month. (3) The firm's actual or expected purchases, all made for cash, are $49,800, $69,700, and $80,300 for the months of May through July, respectively. (4) Rent is $3,100 per month. (5) Wages and salaries are 11% of the previous month's sales. (6) Cash dividends of $3,200 will be paid in June. (7) Payment of principal and interest of $4,200 is due in June. (8) A cash purchase of equipment costing $6,100 is scheduled in July. (9) Taxes of $5,900 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.) May March 50,300 $ Sales $ April 60,000 $ 13,200 $ 70,300 11,066 Cash sales Lag 1 month Lag 2 months A A Other income A Total cash receipts A