Cash budgetBasic Grenoble Enterprises had sales of $50,000 in March and $60,100 in April. Forecast sales for May, June, and July are $69,700, $79,600, and $99,700, respectively. The firm has a cash balance of $4,500 on May 1 and wishes to maintain a minimum cash balance of $4,500. Given the following data, prepare and interpret a cash budget for the months of May, June, and July.

(1) The firm makes 17% of sales for cash, 65% 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 firm's actual or expected purchases, all made for cash, are $50,300, $70,500, and $80,000 for the months of May through July, respectively.

(4) Rent is $3,300 per month.

(5) Wages and salaries are 9% of the previous month's sales.

(6) Cash dividends of $2,800 will be paid in June.

(7) Payment of principal and interest of $4,300 is due in June.

(8) A cash purchase of equipment costing $6,000 is scheduled in July.

(9) Taxes of $6,300 are due in June.

Complete the second 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.)

	April		May		June
Sales	$	60,100	$	69,700	$	79,600
Cash sales					$
Lag 1 month					$
Lag 2 months					$
Other income					$
Total cash receipts					$