Save Homework: Homework Set 4 Score: 0 of 2 pts P4-9 (similar to) 4 of 25 (3 complete) HW Score: 11,33% 5.67 of 50 pts Question Help Cash budget-Basic Grenoble Enterprises had sales of $49,600 in March and $60.400 in April. Forecast sales for May June, and July are $70,000, $79,500 and $99,700, respectively. The firm has a cash balance of $5,300 on May 1 and wishes to maintain a minimum cash balance of $5,300. Given the following data prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 23% of sales for cash, 63% are collected in the next month, and the remaining 14% are collected in the second month following sale (2) The firm receives other income of $1,900 per month (3) The firm's actual or expected purchases, all made for cash, are $49,500,570,000, and 579,500 for the months of May through July, respectively (4) Rent is $3,000 per month (5) Wages and salaries are 11% of the previous month's sales. (6) Cash dividends of $3.500 will be paid in June (7) Payment of principal and interest of 54,500 is due in June. (8) A cash purchase of equipment costing $5,700 is scheduled in July (9) Taxes of S6,100 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 5 70,000 49,600 5 11 408 60,400 5 13,892 S Sales Cash sales Lag 1 month Lag 2 months Other income Total cash receipts Enter any number in the edit fields and then click Check Answer 9 parts y remaining Clear All Check