Grenoble Enterprises had sales of $50,000 in March and $60,000 in April. Forecast sales for May, June, and July are $70,200, $79,900, and $100,400, 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, 62% are collected in the next month, and the remaining 14% are collected in the second month following sale.

(2) The firm receives other income of $2,000 per month.

(3) The firm's actual or expected purchases, all made for cash, are $49,600, $69,900, and $79,800 for the months of May through July, respectively.

(4) Rent is $2,500 per month.

(5) Wages and salaries are 10% of the previous month's sales.

(6) Cash dividends of $3,200 will be paid in June.

(7) Payment of principal and interest of $4,500 is due in June.

(8) A cash purchase of equipment costing $5,600 is scheduled in July.

(9) Taxes of $6,100 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.)

	March		April		May
Sales	$	50,000	$	60,000	$	70,200
Cash sales		12,000		14,400	$
Lag 1 month					$
Lag 2 months					$
Other income					$
Total cash receipts					$