Cash budget-Basic Grenoble Enterprises had sales of $50,400 in March and $60,200 in April. Forecast sales for May, June, and July are $69,500, $80,200, and $100,300, 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 23% of sales for cash, 65% are collected in the next month, and the remaining 12% are collected in the second month following sale. (2) The firm receives other income of $2,300 per month. (3) The firm's actual or expected purchases, all made for cash, are $49,700, $69,500, and $79,800 for the months of May through July, respectively. (4) Rent is $3,500 per month. (5) Wages and salaries are 11% of the previous month's sales. (6) Cash dividends of $3,400 will be paid in June. (7) Payment of principal and interest of $3,500 is due in June. (8) A cash purchase of equipment costing $6,400 is scheduled in July (9) Taxes of $6.500 are due in June (Round to the nearest dollar. Please input all the values in the table before checking your answers.) March April May Net cash flow Add: Beginning cash Ending cash Minimum cash Required total financing (notes payable) Excess cash balance (marketable securities) Enter any number in the edit fields and then click Check Answer. 7 parts I remaining Clear All