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 $126,000 42,000 82,600 12,600 196,000 121,400 46,400 66,000 *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 "O" wherever required.) Answer is not complete. ARROWROOT COMPANY Cash Budget for July 31, 2021 $ 126,000 196,000 322,000 Cash balance, beginning Add cash receipts: Collections from customers Total cash available before current financing Less disbursements: Payments to suppliers for merchandise Operating expenses Equipment Total disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing Cash balance, ending $ 121,400 82,600 46,400 250,400 $ 71,600 0 (5,600) x 0 (5,600) 66,000