Grenoble Enterprises had sales of $49,700in March and $60,000 in April. Forecast sales for May, June, and July are $69,500, 79,600, and $99,700, respectively. The firm has a cash balance of $5,500 on May 1 and wishes to maintain a minimum cash balance of 5,500. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 16% of sales for cash, 59% are collected in the next month, and the remaining 25% are collected in the second month following sale. (2) The firm receives other income of $2,200 per month. (3) The firm's actual or expected purchases, all made for cash, are $49,600, $70,400, and $79,700 for the months of May through July, respectively. (4) Rent is $2,700 per month. (5) Wages and salaries are 9% of the previous month's sales. (6) Cash dividends of $3,400 will be paid in June. (7) Payment of principal and interest of $3,600 is due in June. (8) A cash purchase of equipment costing $6,000 is scheduled in July. (9) Taxes of $6,000 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.)