Exercise 24-16 a 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 July 31, 2020. June 30, 2020, 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 be purchased for cash in July $40,300 14,100 37,100 4,400 85,200 55,700 20,800 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 $27,700. (a) Prepare a cash budget for the month ended July 31, 2020, 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, 2020, and indicate how much money, if any, Trensha need to borrow to meet its minimum cash requirement. TRENSHAW COMPANY Cash Budget