Cash budget-Basic Grenoble Enterprises had sales of $50,400 in March and $59,800 in Apil Forecast sales for May, June, and July are $70,000, $79,600, and $100,200, respectively. The firm has a cash balance of $4,600 on May 1 and wishes to maintain a minimum cash balance of $4,600. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 21% of sales for cash, 60% 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 $2,400 per month. (3) The firm's actual or expected purchases, all made for cash, are $49,900, $69,600, and $80,400 for the months of May through July, respectively. (4) Rent is $3,500 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 $4,400 is due in June March April May $ 50,400 59,800 $70,000 Sales Cash sales Lag 1 month Lag 2 months Other income 10,584 12,558 $ Total cash receipts Round to the nearest dollar. Please input all the values in the table before checking your answers.)