nd Score! U UN Question Help P4-10 (similar to) Cash budget-Basie Grenoble Enterprines had sales of $50 300 in March and 560,000 in April Forecast sales for May June, and July are 570,400, S79600, and 599.990. respectively. The firm has a cash balance of 54 800 on May 1 and wishes to maintain a minimum cash balance of $4.800 Given the following data prepare and interpreta cash budget for the months of May June and July (1) The firm makes 15% of sales for cash. 59% are collected in the next month, and the remaining 26% are collected in the second month following sale (2) The firm receives other income of 51 500 per month The firm's actual or expected purchases, all made for cash are $50 400 570,000 and $79,600 for the months of May through July, respectively. (4) Rent is $3.500 per month 15) Wages and sales are 8% of the previous month's sales (6) Cash dividends of 53,500 will be paid in June C) Payment of principal and interest of $3 800 is due to June (8) A cash purchase of equipment casting $6 200 is scheduled in July 19) Taxes of $6.500 are doe in Jone Natashi S Add Beginning con 5 Ending cash Minimum Rotong Enter an umber in the end en die