Cash budget-Basic Grenoble Enterprises tad sales of $50,300 in March and $59.800 in April. Forecast sales for May, Jure, and July are 589,500, $80,300, and $99,500, 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 folosing data, prepare and interpret a cash budget for the months of May, June, and July (1) The fim makes 17% of sales for cash, 63% are collected in the next month, and the remaining 20% are collected in the second ranth folowing sale. (2) The firm receives other income of $1,900 per month (3) The firm's actual or expected purchases, all made for cash, are $48.600,S69,700, and $79,800 for the months of May through July, respectively 14) Rent is $3,500 per month 15) Wages and salaries are 10% of the previous month's sales 16) Cash dividends of $2,600 will be paid in June. (7) Payment of principal and interest af $4 200 is due in June. (a) A cash purchase of equipment costing $5,700 is scheduled in July. 19) Taxes of $6.200 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.) May SAAR $ March 50.300 $ 8.551 April 59. XIV) 10,183 $ 69.500 Lag 1 month Lag 2 months Other Income Total cash receipts * $ 5 $