what is lag 1 month? Cash budgetlong dashBasic Grenoble Enterprises had sales of $ 50 comma 000 in March and $ 60 comma 000 in April. Forecast sales for May, June, and July are $ 70 comma 000, $ 80 comma 000, and $ 100 comma 000, respectively. The firm has a cash balance of $ 5 comma 000 on May 1 and wishes to maintain a minimum cash balance of $ 5 comma 000. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 20 % of sales for cash, 60 % 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 $ 2 comma 000 per month. (3) The firm's actual or expected purchases, all made for cash, are $ 50 comma 000, $ 70 comma 000, and $ 80 comma 000 for the months of May through July, respectively. (4) Rent is $ 3 comma 000 per month. (5) Wages and salaries are 10 % of the previous month's sales. (6) Cash dividends of $ 3 comma 000 will