Leno Company Has Gathered the Following Information Leno Company Requires a Minimum Cash Balance of $80,000

Essay

Leno Company has gathered the following information: $$\begin{array} { l r } \text { June } 31 \text { ending cash bal ance } & \$ 80,000 \\\text { Depreciation expense for July } & \$ 12,000 \\\text { Dividends paid in July } & \$ 55,000 \\\text { Cash collections in July } & \$ 510,000 \\\text { Equipment purchase for cash in July } & \$ 94,500 \\\text { Cash paid for operating expenses in July } & \$ 185,500 \\\text { Merchandise paid for in July } & \$ 180,000\end{array}$$ Leno Company requires a minimum cash balance of $80,000.
Required:
Prepare a cash budgetfor July, and comment on whether or not minimum cash balance requirements are met.