Grenoble enterprises had sales of $50,400 in March and $59,800 in April. Forecast sales for May-July are $70,300, $80,000, $100,400 respectively. The firm has a cash bal of $4,800 on May 1 and wishes to maintain cash bal of $4,800, Given the following data prepare and interpret a cash budget for the months of May, June and July. 1. The firm makes 25% of sales for cash, 56% are collected in the next month, and the remaining 19% are collected in the second month following sale.
2. The firm receives other income of $1,900 per month.
3. The firm's actual or expected purchases, all made for cash, are $49,700, $69,700, and $79,500 for the months of May through July, respectively.
4. Rent is $2,800 per month.
5. Wages and salaries are 9% of the previous month's sales.
6. Cash dividends of $2,600 will be paid in June.
7. Payment of principal and interest of $3,700 is due in June.
8. A cash purchase of equipment costing $6,400 is scheduled in July.
9. Taxes of $6,100 are due in June.

Complete the first month of the cash budget for Grenoble Enterprises below:

March April May
Sales $50,400 $59,800 $70,300
Cash sales 10,584 12,558 $?
Lag 1 month $?
Lag 2 months $?
Other income $?
Total cash receipts $?