Question 1 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, 2017. June 30, 2017, cash balance $40,900 13,700 15% Cash expenditures to be paid in July for operating expenses 7,000 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 4,500 82,900 57,000 20,500 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 $27,100