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Cash budget-Basic Grenoble Enterprises had sales of $50,100 in March and $60,000 in April. Forecast sales for May, June, and July are $69,600,$80,500, and $99,800, 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 16% of sales for cash, 56% are collected in the next month, and the remaining 28% are collected in the second month following sale. (2) The firm receives other income of $1,500 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,100,$70,100, and $80,300 for the months of May through July, respectively. (4) Rent is $3,300 per month. (5) Wages and salaries are 11% of the previous month's sales. (6) Cash dividends of $3,200 will be paid in June. (7) Payment of principal and interest of $4,500 is due in June. (8) A cash purchase of equipment costing $5,600 is scheduled in July. (9) Taxes of $5,900 are due in June. Round to the nearest dollar. Please input all the values in the table before checking your answers. omplete the second month of the cash budget for Grenoble Enterprises below: (Round to the nearest dollar. Ple ble before checking your answers.) und to the nearest dollar. Please input all the values in the table before checking your answers.) ound to the nearest dollar. Please input all the values in the table before checking your answers.) The firm should establish a credit line of at least S, but may need to secure three to four times this amount based on scenario analysis. Round to the nearest dollar.)