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 $70,200, $80,100, and $100,400, respectively. The firm has a cash balance of $5,300 on May 1 and wishes to maintain a minimum cash balance of $5,300. 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, 61% are collected in the next month, and the remaining 17% are collected in the second month following sale. (2) The firm receives other income of $1,700 per month. (3) The firm's actual or expected purchases, all made for cash, are $49,800, $70,000, and $80,200 for the months of May through July, respectively (4) Rent is $2,800 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 $3,700 is due in June. (8) A cash purchase of equipment costing $6,100 is scheduled in July (9) Taxes of $6,500 are due in June