The controller of Cullumber Company wants to improve the company's control system by preparing a month-by-month cash budget. The following information is for the month ending July 31, 2020.

June 30, 2020, cash balance$44,000Dividends to be declared on July 15*13,600Cash expenditures to be paid in July for operating expenses37,500Amortization expense in July5,000Cash collections to be received in July83,700Merchandise purchases to be paid in cash in July55,800Equipment to be purchased for cash in July21,000

*Dividends are payable 30 days after declaration to shareholders of record on the declaration date.

Cullumber Company wants to keep a minimum cash balance of $28,500.

(a)

Prepare your cash budget for the month ended July 31, 2020, and indicate how much money, if any, Cullumber Company will need to borrow to meet its minimum cash requirement.

CULLUMBERCOMPANY

Cash Budget

July 31, 2020

For the Quarter Ended July 31, 2020

For the Month Ended July 31, 2020

Receipts

Merchandise Purchases

Total Cash Disbursements

Excess of available cash over disbursements

Beginning Cash Balance

Cash Disbursements

Repayments

Equipment Purchase

Operating Expenses

Payment of Dividends

Sale of Equipment

Selling and Administrative Expenses

Total Cash Available

Borrowings

Cash Collections

Ending Cash Balance

$

Add

Less

:

Receipts

Ending Cash Balance

Cash Disbursements

Equipment Purchase

Payment of Dividends

Repayments

Excess of available cash over disbursements

Merchandise Purchases

Sale of Equipment

Selling and Administrative Expenses

Operating Expenses

Total Cash Disbursements

Total Cash Available

Cash Collections

Beginning Cash Balance

Borrowings

Payment of Dividends

Sale of Equipment

Operating Expenses

Merchandise Purchases

Repayments

Ending Cash Balance

Receipts

Selling and Administrative Expenses

Total Cash Available

Total Cash Disbursements

Excess of available cash over disbursements

Beginning Cash Balance

Borrowings

Cash Collections

Cash Disbursements

Equipment Purchase

$

Less

Add

:

Payment of Dividends

Beginning Cash Balance

Cash Disbursements

Operating Expenses

Receipts

Equipment Purchase

Total Cash Disbursements

Borrowings

Cash Collections

Selling and Administrative Expenses

Repayments

Ending Cash Balance

Excess of available cash over disbursements

Merchandise Purchases

Total Cash Available

Sale of Equipment

Total Cash Disbursements

Borrowings

Sale of Equipment

Total Cash Available

Beginning Cash Balance

Operating Expenses

Payment of Dividends

Cash Collections

Excess of available cash over disbursements

Receipts

Cash Disbursements

Merchandise Purchases

Ending Cash Balance

Selling and Administrative Expenses

Repayments

Equipment Purchase

$

Cash Disbursements

Equipment Purchase

Merchandise Purchases

Excess of available cash over disbursements

Beginning Cash Balance

Total Cash Disbursements

Operating Expenses

Payment of Dividends

Total Cash Available

Sale of Equipment

Receipts

Borrowings

Cash Collections

Repayments

Selling and Administrative Expenses

Ending Cash Balance

Total Cash Disbursements

Ending Cash Balance

Borrowings

Receipts

Repayments

Cash Disbursements

Total Cash Available

Sale of Equipment

Selling and Administrative Expenses

Excess of available cash over disbursements

Beginning Cash Balance

Payment of Dividends

Equipment Purchase

Cash Collections

Merchandise Purchases

Operating Expenses

Receipts

Total Cash Available

Cash Collections

Sale of Equipment

Total Cash Disbursements

Payment of Dividends

Cash Disbursements

Selling and Administrative Expenses

Merchandise Purchases

Repayments

Beginning Cash Balance

Excess of available cash over disbursements

Operating Expenses

Borrowings

Ending Cash Balance

Equipment Purchase

Equipment Purchase

Merchandise Purchases

Receipts

Sale of Equipment

Operating Expenses

Repayments

Borrowings

Cash Collections

Selling and Administrative Expenses

Total Cash Available

Payment of Dividends

Total Cash Disbursements

Excess of available cash over disbursements

Beginning Cash Balance

Cash Disbursements

Ending Cash Balance

Less

Add

:

Repayments

Total Cash Available

Cash Disbursements

Total Cash Disbursements

Borrowings

Receipts

Cash Collections

Ending Cash Balance

Sale of Equipment

Operating Expenses

Selling and Administrative Expenses

Equipment Purchase

Merchandise Purchases

Excess of available cash over disbursements

Beginning Cash Balance

Payment of Dividends

Excess of available cash over disbursements

Cash Collections

Selling and Administrative Expenses

Borrowings

Merchandise Purchases

Beginning Cash Balance

Receipts

Cash Disbursements

Operating Expenses

Repayments

Payment of Dividends

Sale of Equipment

Total Cash Available

Total Cash Disbursements

Ending Cash Balance

Equipment Purchase

$