Grenoble enterprises had sales of$ 49 comma 500$49,500in march and$ 60 comma 200$60,200in april. forecast sales for may, june, and july are$ 69 comma 900$69,900,$ 79 comma 500$79,500,and$ 99 comma 800$99,800,respectively. the firm has a cash balance of$ 4 comma 800$4,800on may 1 and wishes to maintain a minimum cash balance of$ 4 comma 800$4,800.given the following data, prepare and interpret a cash budget for the months of may, june, and july.(1) the firm makes16 %16%of sales for cash,59 %59%are collected in the next month, and the remaining25 %25%are collected in the second month following sale.  (2) the firm receives other income of$ 1 comma 600$1,600per month.  (3) the firm's actual or expected purchases, all made for cash, are$ 50 comma 400$50,400,$ 70 comma 300$70,300,and$ 80 comma 200$80,200for the months of may through july, respectively.  (4) rent is$ 2 comma 500$2,500per month.  (5) wages and salaries are8 %8%of the previous month's sales.  (6) cash dividends of$ 3 comma 200$3,200will be paid in june.  (7) payment of principal and interest of$ 4 comma 100$4,100is due in june.  (8) a cash purchase of equipment costing$ 5 comma 700$5,700is scheduled in july.  (9) taxes of$ 6 comma 300$6,300are due in june. complete the first month of the cash budget for grenoble enterprises below:   (round to the nearest dollar. input all the values in the table before checking your answers.)marchaprilmaysales$49,500$ 60,200$69,900cash sales7,9209,632$11,184lag 1 month$35,518lag 2 months$12,375other income$1,600total cash receipts$60,677(round to the nearest dollar. input all the values in the table before checking your answers.)