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Cash budget-Basic Grenoble Enterprises had sales of $49,500 in March and $60,500 in April. Forecast sales for May, June, and July are $70,500,$79,600, and $100,200, espectively. 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 sudget for the months of May, June, and July. 1) The firm makes 25% of sales for cash, 63% are collected in the next month, and the remaining 12% are collected in the second month following sale. 2) The firm receives other income of $1,700 per month. 3) The firm's actual or expected purchases, all made for cash, are $49,500,$70,400, and $80,100 for the months of May through July, respectively. 4) Rent is $2,900 per month. 5) Wages and salaries are 8% of the previous month's sales. 6) Cash dividends of $2,800 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 $6,100 is scheduled in July. 9) Taxes of $5,700