Please help explain each step as well

Cash budgetBasic Grenoble Enterprises had sales of $49,700 in March and $60,500

in April. Forecast sales for May, June, and July are $69,700, $79,500,And $100,200, respectively. The firm has a cash balance of $4,800

on May 1 and wishes to maintain a minimum cash balance of $4,800. Given the following data, prepare and interpret a cash budget for the months of May, June, and July.

(1) The firm makes 22 %of sales for cash, 59 % are collected in the next month, and the remaining 19% are collected in the second month following sale.

(2) The firm receives other income of $2,300 per month.

(3) The firm's actual or expected purchases, all made for cash, are $49,700, $69,600, And $79,500 for the months of May through July, respectively.

(4) Rent is $3,100 per month.

(5) Wages and salaries are 12% of the previous month's sales.

(6) Cash dividends of $2,900 will be paid in June.

(7) Payment of principal and interest of $4,000 is due in June.

(8) A cash purchase of equipment costing $6,500 is scheduled in July.

(9) Taxes of $6,300 are due in June.