Grenoble enterprises had sales of $50,000 in March and $60,000 in April. Forecast sales for May-July are $70,000, 80,000, 100,000 respectively. The Firm has a cash bal of $5000 on May 1 and wishes to maintain cash bal of $5,000, Given the following data prepare and interpret a cash budget for the months of May, June and July.1. the firm makes 20% of sales for cash, 60% are collected the next month and the remaining 20% are collected in the second month following sale2. The firm receives other income of $2000 per month3. The firm's actual or expected purchases, all made for cash are 50,000, 70,000, and 80,000 for the months may- june respectively4. Rent is $3,000 per month5. Wages and salaries are 10% of the previous month's sales6. Cash dividends of $3,000 will be paid in june7.Payment of principal and interest of $4,000 is due in June.8. A cash purchase of equiptment costing $6,000 is scheduled in July9. Taxes of $6,000 are due in JuneComplete the first month of the cash budget for Grenoble enterprises