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Homework: Chapter 4 HW Score: 0.24 of 1 pt & P4-9 (similar to) 6 of 10 (10 complete) HW Score: 56.53%, 5 65 of Question Help Cash budget Basic Grenoble Enterprises had sales of $49.500 in March and $60,400 in Apl Forecast sales for May, June, and July are s69,600. S79 600. and $99,800, respectively The firm has a cash balance of $5,400 May 1 and wishes to maintain a minimum cash balance of S5,400. Given the following data, prepare and interpret a cash budget for the months of May. June, and July (1) The firm makes 19% of sales for cash, 58% are collected in the next month, and the remaining 23% are collected in the second month following sale (2) The firm receives other income of 52,100 per month (3) The irm's actual or expected purchases, all made for cash, are $49,700, 569,600. and $80 400 for the months of May through July, respectively (4) Rent is 53,000 per month (5) Wages and salaries are 9% of the previous month's sales (6) Cash dividends of $2,900 will be paid in June ) Payment of principal and interest of S4,200is due in June (8) A cash purchase of equipment costing $5,700 is scheduled in July (9) Taxes of $6,500 are due in June 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 $ 49.500 S 60400 69600 Sales Cash sales Lag 1 month Lag 2 months 9.405 11.476 $ 7:31 PM