The controller of Concord Company wants to improve the companys control system by preparing a month-by-month cash budget. The following information is for the month ending July 31, 2022.

June 30, 2022, cash balance		$50,400
Dividends to be declared on July 15*		13,440
Cash expenditures to be paid in July for operating expenses		45,696
Amortization expense in July		5,040
Cash collections to be received in July		100,800
Merchandise purchases to be paid in cash in July		62,944
Equipment to be purchased for cash in July		22,400

*Dividends are payable 30 days after declaration to shareholders of record on the declaration date. Concord Company wants to keep a minimum cash balance of $28,000. (a) Prepare a cash budget for the month ended July 31, 2022, and indicate how much money, if any, Concord Company will need to borrow to meet its minimum cash requirement.

CONCORD COMPANY Cash Budget choose the accounting period For the Quarter Ended July 31, 2022For the Month Ended July 31, 2022July 31, 2022
select an opening cash budget item Cash DisbursementsTotal Cash AvailableCash CollectionsMerchandise PurchasesReceiptsPayment of DividendsExcess of available cash over disbursementsSelling and Administrative ExpensesSale of EquipmentEquipment PurchaseOperating ExpensesTotal Cash DisbursementsEnding Cash BalanceRepaymentsBeginning Cash BalanceBorrowings		$enter a dollar amount
select between addition and deduction LessAdd: select cash budget item Beginning Cash BalanceEquipment PurchaseBorrowingsPayment of DividendsCash DisbursementsSale of EquipmentEnding Cash BalanceTotal Cash AvailableMerchandise PurchasesRepaymentsOperating ExpensesCash CollectionsTotal Cash DisbursementsExcess of available cash over disbursementsReceiptsSelling and Administrative Expenses		enter a dollar amount
select a summarizing line for the first part Merchandise PurchasesBeginning Cash BalanceReceiptsRepaymentsOperating ExpensesSale of EquipmentEquipment PurchaseTotal Cash AvailableTotal Cash DisbursementsBorrowingsExcess of available cash over disbursementsEnding Cash BalancePayment of DividendsCash CollectionsCash DisbursementsSelling and Administrative Expenses				$enter a total amount for the first part
select between addition and deduction AddLess: select an opening section name Equipment PurchaseCash DisbursementsReceiptsExcess of available cash over disbursementsMerchandise PurchasesTotal Cash DisbursementsTotal Cash AvailablePayment of DividendsSale of EquipmentEnding Cash BalanceBeginning Cash BalanceRepaymentsOperating ExpensesSelling and Administrative ExpensesCash CollectionsBorrowings
select a cash budget item Payment of DividendsRepaymentsBorrowingsTotal Cash DisbursementsSelling and Administrative ExpensesSale of EquipmentReceiptsTotal Cash AvailableMerchandise PurchasesBeginning Cash BalanceCash CollectionsEnding Cash BalanceCash DisbursementsEquipment PurchaseExcess of available cash over disbursementsOperating Expenses		$enter a dollar amount
select a cash budget item Payment of DividendsBeginning Cash BalanceTotal Cash DisbursementsExcess of available cash over disbursementsBorrowingsMerchandise PurchasesCash CollectionsEnding Cash BalanceSelling and Administrative ExpensesOperating ExpensesReceiptsRepaymentsEquipment PurchaseCash DisbursementsTotal Cash AvailableSale of Equipment		enter a dollar amount
select a cash budget item Sale of EquipmentCash DisbursementsMerchandise PurchasesSelling and Administrative ExpensesReceiptsCash CollectionsOperating ExpensesTotal Cash AvailablePayment of DividendsTotal Cash DisbursementsBeginning Cash BalanceEnding Cash BalanceBorrowingsRepaymentsExcess of available cash over disbursementsEquipment Purchase		enter a dollar amount
select a closing section name Excess of available cash over disbursementsTotal Cash DisbursementsEquipment PurchaseRepaymentsPayment of DividendsReceiptsSale of EquipmentCash CollectionsCash DisbursementsSelling and Administrative ExpensesBorrowingsTotal Cash AvailableEnding Cash BalanceOperating ExpensesBeginning Cash BalanceMerchandise Purchases				enter a total amount for this section
select a summarizing line for the second part Operating ExpensesExcess of available cash over disbursementsEquipment PurchaseEnding Cash BalanceTotal Cash AvailableBorrowingsSelling and Administrative ExpensesBeginning Cash BalanceMerchandise PurchasesCash CollectionsReceiptsSale of EquipmentRepaymentsCash DisbursementsTotal Cash DisbursementsPayment of Dividends				enter a total amount for the second part
select between addition and deduction AddLess: select a cash budget item Total Cash DisbursementsRepaymentsMerchandise PurchasesSelling and Administrative ExpensesCash CollectionsSale of EquipmentBeginning Cash BalanceBorrowingsExcess of available cash over disbursementsReceiptsEquipment PurchaseCash DisbursementsTotal Cash AvailablePayment of DividendsEnding Cash BalanceOperating Expenses				enter a dollar amount
select a closing cash budget item ReceiptsBorrowingsTotal Cash DisbursementsOperating ExpensesRepaymentsCash DisbursementsPayment of DividendsSale of EquipmentExcess of available cash over disbursementsEquipment PurchaseCash CollectionsSelling and Administrative ExpensesTotal Cash AvailableEnding Cash BalanceBeginning Cash BalanceMerchandise Purchases				$enter a total amount for the cash budget