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 July 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 $108,000 33,000 78,100 10,800 187,000 116,900 43,700 48,000 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, 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 "O" wherever required.) ARROWROOT COMPANY Cash Budget for July 20X5 Total cash available before current financing Deduct: Disbursements Total disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing