Assignmen ces: Chapter 9 (budgeting) The controller of Arrowroot Company wishes to improve the company's control system by preparing a monthly cash budget. The following information relates to the month of July 31, 20X1: June 30, 20X1, cash balance $ 90,000 Dividends to be declared on June 15* $ 24,000 Cash expenditures to be paid in July for operating expenses $ 73,600 Depreciation expense $ 9,000 Cash collections to be received $ 178,000 Merchandise purchases to be paid in cash $ 112,400 Equipment to be purchased for cash $ 41,000 Arrowroot Company wishes to maintain a minimum cash balance $ 30,000 *Dividends are payable to shareholders of record on declaration date, 30 days after declaration. Required: 1. Prepare a cash budget for the month ended July 31 20X1, indicating how much, if anything, Arrowroot will need to borrow to meet its minimum cash requirement. You are expected to maximize the use of Microsoft Excel, and prepare this cash budget in good form, with clean, accurate formatting. 2. Explain how cash budgeting can facilitate cash management at Arrowroot. Your response should be between 250 - 500 words