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, 20X5 June 30, 20X5, cash balance Dividends to be 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 balans of $ 118,000 38,000 80,600 11,800 192,000 119,400 45,200 58,000 *Dividends are payable to shareholders record on declaration date, 30 days after declaration Required: 1. Prepare a cash budget for the month ended July 31, 20X5, 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 20X5