Cash budgetlong dashBasic Grenoble Enterprises had sales of $ 49 comma 800 in March and $ 60 comma 100 in April. Forecast sales for May, June, and July are $ 69 comma 600, $ 80 comma 500, and $ 99 comma 500, respectively. The firm has a cash balance of $ 4 comma 800 on May 1 and wishes to maintain a minimum cash balance of $ 4 comma 800. Given the following data, prepare and interpret a cash budget for the months of May, June, and July. (1) The firm makes 18 % of sales for cash, 60 % are collected in the next month, and the remaining 22 % 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 500, $ 69 comma 800, and $ 79 comma 800 for the months of May through July, respectively. (4) Rent is $ 2 comma 500 per month. (5) Wages and salaries are 8 % of the previous month's sales. (6) Cash dividends of $ 2 comma 800 will be paid in June. (7) Payment of principal and interest of $ 4 comma 500 is due in June. (8) A cash purchase of equipment costing $ 6 comma 000 is scheduled in July. (9) Taxes of $ 5 comma 900 are due in June.