Cash budget-Basic Grenoble Enterprises had sales of $50,400 in March and $60,400 in April. Forecast sales for May, June, and July are $69,700, $80,300, and $100,300, respectively. The firm has a cash balance of $5,400 on May 1 and wishes to maintain a minimum cash balance of $5,400. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 15% of sales for cash, 58% are collected in the next month, and the remaining 27% 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 $49,800, $70,000, and $80,000 for the months of May through July, respectively. (4) Rent is $3,400 per month. (5) Wages and salaries are 10% of the previous month's sales. (6) Cash dividends of $3,300 will be paid in June. (7) Payment of principal and interest of $3,700 is due in June. (8) A cash purchase of equipment costing $6,000 is scheduled in July. (9) Taxes of $6,400 are due in June. III 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 $ 69,700 60,400 $ 9,060 $ Cash sales 7,560 $ Lag 1 month Lag 2 months Other income $ $ Total cash receipts $ EA