The controller of Arrowroot Company wishes to improve the company's control system by preparing a monthly cash budget. The following information relates to the month ending July 31, 2021: June 30, 2021, cash balance Dividends were declared on June 15" Cash expenditures to be paid in July for operating expenses Depreciation expense Cash collections to be received Merchandise purchases to be paid in cash Equipment to be purchased for cash Arrowroot Company wishes to maintain a minimum cash balance of $118,000 38,000 80,600 11,800 192,000 119,400 45,200 58,000 *Dividends are payable to shareholders of record on declaration date, 30 days after declaration. Required: 1. Prepare a cash budget for the month ended July 31, 2021, Indicating how much, if anything, Arrowroot will need to borrow to meet its minimum cash requirement. (Leave no cells blank - be certain to enter "0" wherever required.) ARROWROOT COMPANY Cash Budget for July 31, 2021 Total cash available before current financing Less disbursements: Total disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing Required: 1. Prepare a cash budget for the month ended July 31, 2021, indicating how much, if anything, Arrowroot will need to borrow to meet its minimum cash requirement. (Leave no cells blank - be certain to enter "O" wherever required.) ARROWROOT COMPANY Cash Budget for July 31, 2021 Total cash available before current financing Less disbursements: Total disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing 2. Supposing the cash management policy at Arrowroot permits borrowing up to $58,000 for the purpose of financial slack, how much will be borrowed? Borrowings 3. This part of the question is not part of your Connect assignment.