Grenoble Enterprises had sales of $50,500 in March and $59,800 in April. Forecast sales forMay, June, and July are $69,900, $80,100, and $100,200, respectively. The firm has a cash balance of $5,100 on May 1 and wishes to maintain a minimum cash balance of $5,100. Given the followingdata, prepare and interpret a cash budget for the months ofMay, June, and July.

(1) The firm makes 21% of sales forcash, 56% are collected in the nextmonth, and the remaining 23% are collected in the second month following sale.

(2) The firm receives other income of $2,200 per month.

(3) Thefirm's actual or expectedpurchases, all made forcash, are $49,800, $70,400, and $80,400 for the months of May throughJuly, respectively.

(4) Rent is $2,800 per month.

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

(6) Cash dividends of $2,800 will be paid in June.

(7) Payment of principal and interest of $4,100 is due in June.

(8) A cash purchase of equipment costing $6,200 is scheduled in July.

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