Exercise 23-16 The controller of Trenshaw 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 June 30, 2017, cash balance Dividends to be declared on July 15* Cash expenditures to be paid in July for operating expenses Amortization expense in July Cash collections to be received in July Merchandise purchases to be paid in cash in July Equipment to uly $44,000 12,100 37,900 4,700 83,400 55,100 20,400 be purchased for cash in *Dividends are payable 30 days after declaration to shareholders of record on the declaration date. Trenshaw Company wants to keep a minimum cash balance of $25,800 Prepare a cash budget for the month ended July 31, 2017, and indicate how much money, if any, Trenshaw Company will need to borrow to meet its minimum cash requirement. Prepare a cash budget for the month ended July 31, 2017, and indicate how much money, if any, Trenshaw Company will need to borrow to meet its minimum cash requirement TRENSHAW COMPANY Cash Budget Click if you would like to show work for this question: Open Show work