ALT Incorporated is preparing its cash budget for July. The budgeted beginning cash balance is $21,000. Budgeted cash re

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ALT Incorporated is preparing its cash budget for July. The
budgeted beginning cash balance is $21,000. Budgeted cash receipts
total $117,000 and budgeted cash disbursements total $86,000. The
desired ending cash balance is $65,000. The company can borrow up
to $100,000 at any time from a local bank, with interest not due
until the following month.
Required:
Prepare the company's cash budget for
July in good form. Make sure to indicate what borrowing, if any,
would be needed to attain the desired ending cash balance.