possible Cash budget-Basic Grenoble Enterprises had sales of $49,800 in March and $59,600 in April. Forecast sales for May, June, and July are $70,000, $80,100, and $99,800, respectively. The firm has a cash balance of $5,000 on May 1 and wishes to maintain a minimum cash balance of $5,000. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 25% of sales for cash, 55% are collected in the next month, and the remaining 20% are collected in the second month following sale. (2) The firm receives other income of $1,600 per month. (3) The firm's actual or expected purchases, all made for cash, are $50,000, $69,700, and $80,300 for the months of May through July, respectively. (4) Rent is $3, 100 per month. (5) Wages and salaries are 10% of the previous month's sales. (6) Cash dividends of $2,600 will be paid in June. (7) Payment of principal and interest of $3,700 is 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.)