The financial controller of Eastwood Production wishes to improve the company's
control system by preparing a monthly cash budget. The following information
relates to the month ending July 31, 2023.
	Cash balance on June 30, 2023						$55,000
	Dividends to be declared on June 15, 2023*						26,000
	Cash expenditures to be paid in July for operating expenses						65,100
	Depreciation expense						10,000
	Cash collections to be received						245,000
	Merchandise purchases to be paid in cash						168,000
	Equipment to be purchased for cash						$25,900
	Westwood Production wishes to maintain a minimum cash balance of						25,000
* Dividends are payable to shareholders of record on declaration date, 30 days after declaration.
Prepare a cash budget for the month ended July 31, 2023. (12 marks) All calculations must be shown
for full marks.