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Cash budget Basic Grenoble Enterprises had sales of $50,500 in March and $59,600 in April. Forecast sales for May, June, and July are $69,600, $80,000, and $99,700, respectively. The firm has a cash balance of $5,400 on May 1 and wishes to maintain a minimum cash balance of $5,400. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 19% of sales for cash, 63% 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 $1,500 per month. (3) The fim's actual or expected purchases, all made for cash, are $50,400, $69,800, and $79,500 for the months of May through July, respectively. (4) Rent is $3,400 per month. (5) Wages and salaries are 11% of the previous month's sales. (6) Cash dividends of $2,600 will be paid in June. (7) Payment of principal and interest of $3,500 is due in June (8) A cash purchase of equipment costing $5,500 is scheduled in July. (9) Taxes of $6,100 are due in June. Complete the tirst month ot the cash budget tor Grenoble Enterprises below: (Kound to the nearest dollar. Please input all the values in the table betore checking your answers. May 0,500 59,600 69,600 9,595 Cash sales Lag 1 month Lag 2 months Other income 11,324 $ Total cash receipts