Cash budgetlong dashBasic Grenoble Enterprises had sales of $ 49 comma 500$49,500 in March and $ 60 comma 500$60,500 in April. Forecast sales for May, June, and July are $ 70 comma 300$70,300, $ 79 comma 500$79,500, and $ 100 comma 500$100,500, respectively. The firm has a cash balance of $ 5 comma 500$5,500 on May 1 and wishes to maintain a minimum cash balance of $ 5 comma 500$5,500. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 24 %24% of sales for cash, 64 %64% are collected in the next month, and the remaining 12 %12% are collected in the second month following sale. (2) The firm receives other income of $ 2 comma 100$2,100 per month. (3) The firm's actual or expected purchases, all made for cash, are $ 50 comma 500$50,500, $ 69 comma 900$69,900, and $ 80 comma 300$80,300 for the months of May through July, respectively. (4) Rent is $ 2 comma 500$2,500 per month. (5) Wages and salaries are 10 %10% of the previous month's sales. (6) Cash dividends of $ 3 comma 000$3,000 will be paid in June. (7) Payment of principal and interest of $ 4 comma 300$4,300 is due in June. (8) A cash purchase of equipment costing $ 5 comma 600$5,600 is scheduled in July. (9) Taxes of $ 5 comma 500$5,500 are due in June.