Grenoble Enterprises had sales of $ 49 comma 700 in March and $ 60 comma 100 in April. Forecast sales for May, June, and July are $ 69 comma 700 , $ 80 comma 500 , and $ 99 comma 600 , respectively. The firm has a cash balance of $ 5 comma 100 on May 1 and wishes to maintain a minimum cash balance of $ 5 comma 100. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 17 % of sales for cash, 65 % are collected in the next month, and the remaining 18 % are collected in the second month following sale. (2) The firm receives other income of $ 1 comma 700 per month. (3) The firm's actual or expected purchases, all made for cash, are $ 50 comma 100 , $ 70 comma 300 , and $ 79 comma 500 for the months of May through July, respectively. (4) Rent is $ 3 comma 500 per month. (5) Wages and salaries are 10 % of the previous month's sales. (6) Cash dividends of $ 3 comma 500 will be paid in June. (7) Payment of principal and interest of $ 3 comma 800 is due in June. (8) A cash purchase of equipment costing $ 6 comma 300 is scheduled in July. (9) Taxes of $ 6 comma 500 are due in June.