Cash budget-Basic Gronoble Enterprises had sales of \$49,700 in March and \$60,100 in April. Forocast sales for May, June, and July are $69,900,$80,300, and $100,200, respectively. The firm has a cash balance of $5,200 on May 1 and wishes to maintain a minimum cash balance of $5,200. 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, 60% are collected in the next month, and the remaining 16% are collected in the second month following 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 $50,200,$69,800, and $79,800 for the months of May through July, respectively. (4) Rent is $3,200 per month. (5) Wages and salaries are 8% of the previous month's sales. (6) Cash dividends of $2,800 will be paid in June. (7) Payment of principal and interest of $3,800 is due in June. (8) A cash purchase of equipment costing $5,700 is scheduled in July. (9) Taxes of $5,600 are due in June. Compiete the nirst month or the casn buaget tor Grenodie enterpnses beiow: (kouna to the nearest coilar, Mrease input all the values in the table before checking your answers.)