P4-10 (similar to) Question Help Cash budget--Basic Grenoble Enterprises had sales of $49,900 in March and $59,600 in April. Forecast sales for May, June, and July are $70,400, $80,200, 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 20% of sales for cash, 62% 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 $1,700 per month. (3) The firm's actual or expected purchases, all made for cash, are $49,800, $69,700, and $79,500 for the months of May through July, respectively. (4) Rent is $3,500 per month (5) Wages and salaries are 12% of the previous month's sales. (6) Cash dividends of $2,600 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 $5,800 is scheduled in July (9) Taxes of $6,500 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 $ 59,600 $ 49,900 $ Sales 70,400 11,920 $ Cash sales 9,980 $ Lag 1 month $ Lag 2 months $ Other income Total cash receipts $