Cash budget-Basic Grenoble Enterprises had sales of $50,400 in March and $59,900 in April. Forecast sales for May, June, and July are $69,800, $80,300, and $100,400, respectively. The firm has a cash balance of $4,700 on May 1 and wishes to maintain a minimum cash balance of $4,700. Given the following data, prepare and interpret a cash budget for the months of May, June, and July (1) The firm makes 18% of sales for cash, 62% are collected in the next month, and the remaining 20% are collected in the second month following sale. (2) The firm receives other income of $1,600 per month. (3) The firm's actual or expected purchases, all made for cash, are $49,800, $70,300, and $80,500 for the months of May through July, respectively. (4) Rent is $3,400 per month. (5) Wages and salaries are 12% of the previous month's sales. (6) Cash dividends of $2,800 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 $6,300 is scheduled in July. (9) Taxes of $5,500 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 $ 50,400 $ 59,900 $ 69,800 Cash sales 9,072 10,782 $ Lag 1 month $ Lag 2 months $ Other income S Total cash receipts $