The accounting controller at GingerSnap Company wishes to improve the companys control system by preparting a monthly cash budget. The following information relates to the month ending July 31, 2020

June 30, 2020, cash balance $53000

Dividends paid $24,000

Cash expenditures to be paid in July for operating expenses $73,600

Depreciation expense $9,000

Cash collections to be received from customers $178,000

Merchandise purchases to be paid in cash $112,400

Equipment to be purchased for cash $41,000

GingerSnap Company wishes to maintain a minimum cash balance of $30,000

REQUIRED:

1. Prepare a cash budget in good form for the month ended July 31, 2021, indicating how much, if anything, GingerSnap will need to borrow to meet its minimum cash requirements.