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W P4-10 (similar to) Question Help Cash budget-Basic Grenoble Enterprises had sales of $50,500 in March and $59,900 in April. Forecast sales for May June, and July are $70,400. $79,800, and $99.800, respectively. The firm has a cash balance of $4.500 on May 1 and wishes to maintain a minimum cash balance of $4,500. 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, 62% are collected in the next month, and the remaining 16% are collected in the second month following sale. (2) The firm receives other income of $1.800 per month. (3) The firm's actual or expected purchases, all made for cash, are $49,800, $70,200, and $80,300 for the months of May through July, respectively. (4) Rent is $2.500 per month (5) Wages and salaries are 12% of the previous month's sales. (6) Cash dividends of $3,000 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 $6,200 is scheduled in July, (9) Taxes of $5,900 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 Sales $ 70,400 50,500 $ 11.110 59,900 $ 13,178 $ Cash sales Lag 1 month Lag 2 months Other income Total cash receipts Enter any number in the edit fields and then click Check