(Round to the nearest dollar. Please input all the values in the table before checking your answers.)

Cash budget-Basic Grenoble Enterprises had sales of $50,400 in March and $60,000 in April. Forecast sales for May, June, and July are $70,100, $79,700, and $100,500, respectively. The firm has a cash balance of $5,100 on May 1 and wishes to maintain a minimum cash balance of $5,100. 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, 57% are collected in the next month, and the remaining 18% 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 $49,500, $69,800, and $79,700 for the months of May through July, respectively. (4) Rent is $3,200 per month. (5) Wages and salaries are 9% of the previous month's sales. (6) Cash dividends of $3,200 will be paid in June. (7) Payment of principal and interest of $3,900 is due in June. (8) A cash purchase of equipment costing $6,200 is scheduled in July. (9) Taxes of $5,700 are due in June. March April May Sales $ 70,100 50,400 $ 12,600 60,000 $ 15,000 $ Cash sales A Lag 1 month Lag 2 months Other income A A Total cash receipts