Cash budget-Basic Gronoble Enterprises had sales of $49,500 in March and $60,200 in April, Forecast sales for May, June, and July are $70,500,$79,700, and $100,400, respectively. The fim has a cash balance of $4,600 on May 1 and wishes to maintain a minimum cash balance of $4,600. Given the following data, prepare and interpret a cash budget for the months of May, June, and July, (1) The firm makes 24% of sales for cash, 64% 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 $2,100 per month. (3) The firm's actual or expected purchases, all made for cash, are $49,800,$69,900, and $80,200 for the months of May through July, respectively. (4) Rent is $3.300 per month. (5) Wages and salaries are 8% of the previous month's sales. (6) Cash dividends of $3,500 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 $6,200 is scheduled in July. (9) Taxes of 56,500 are due in June