Assignment #2 i Saved 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 ending July 31, 2021: June 30, 2021, cash balance $100 , 000 Dividends were declared on June 15. 29, 000 10 Cash expenditures to be paid in July for operating expenses 76, 100 joints Depreciation expense 10,000 Cash collections to be received 183, 000 Skipped Merchandise purchases to be paid in cash 114, 900 Equipment to be purchased for cash 42, 500 Arrowroot Company wishes to maintain a minimum cash balance of 40, 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, 2021, indicating how much, if anything, Arrowroot will need to borrow to meet its minimum cash requirement. (Leave no cells blank - be certain to enter "O" wherever required.) ARROWROOT COMPANY Cash Budget for July 31. 2021 Total cash available before current financing Less disbursements: Total disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing 2. Supposing the cash management policy at Arrowroot permits borrowing up to $40.000 for the purpose of financial sluck. now much will be borrowed? Borrowings Nox MacBook Air