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Question 1 CH 13 - Budgetary Planning (15 mins) Prepare cash budget for a month. The controller of Trenshaw Company wants to improve the company's control system by preparing a month-bymonth cash budget. The following information is for the month ending July 31, 2017. June 30, 2017, cash balance $45,000 Dividends to be declared on July 15* 12,000 Cash expenditures to be paid in July for operating expenses 40,800 Amortization expense in July 4,500 Cash collections to be received in July 90,000 Merchandise purchases to be paid in cash in July 56,200 Equipment to be purchased for cash in July 20,000 * Dividends are payable 30 days aer declaration to shareholders of record on the declaration date. Trenshaw Company wants to keep a minimum cash balance of $25,000. Instructions (a) Prepare a cash budget for the month ended July 31, 2017, and indicate how much money, if any, Trenshaw Company will need to borrow to meet its minimum cash requirement. (b) Explain how cash budgeting can reduce the cost of short-term borrowing