Excercise 13-16 The controller of Ayayal Company wants to improve the company's control system by preparing a month-by-month cash budget. The following information is for the month ending July 31, 2017 June 30, 2017, cash balance $43,800 Dividends to be declared on July 15* 14,800 Cash expenditures to be paid in July for operating expenses 37,500 Amortization expense in July Cash collections to be received in July 83,800 Merchandise purchases to be paid in cash in July 55,800 Equipment to be purchased for cash in July 20,200 "Dividends are payable 30 days after declaration to shareholders of record on the declaration date Ayayal Company wants to keep a minimum cash balance of $25,700. Prepare a cash budget for the month ended July 31, 2017, and indicate how much money, if any, Ayayal Company will need to borrow to meet its minimum cash requirement. AYAYAI COMPANY Cash Budget