ALT Incorporated is preparing its cash budget for July. The budgeted beginning cash balance is $21,000. Budgeted cash receipts total $117,000 and budgeted cash disbursements total $86,000. The desired ending cash balance is $65,000. The company can borrow up to $100,000 at any time from a local bank, with interest not due until the following month.

Required:

Prepare the company's cash budget for July in good form. Make sure to indicate what borrowing, if any, would be needed to attain the desired ending cash balance.