1. You have been asked to prepare a December cash budget for Ashton Company, a distributor of exereise equipment. The following Information is avaltable about the company's operations: a. The cash balance on December 1 is $40,000. b. Netuat cales for Octoter and November and expected sales for December are as follows: Sales on account ate collected over a threc-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18x collected in the second mionth following sale. The remaining 28 is uncollectible. c. Purchaves of inventory will total $280,000 for December, Thirty percent of a month's imventory purchases are puid during the month of parchase. The accounts payable remaining from November's inventory porchases total 5161.000 , all of which will be paid in December: d. Sellinu and administrative expenses are budected at $430,000 for December, Or this amount $50,000 is for deprecistion e. A new web sener foe the Marketine Department costing \$76,000 will be purchasod for cash during Decembet, and dividends toealine 59,000 will be pad durine the month. Required: 1. Calculate the expected cash collections for December. 2. Calculate the expected cash disbursements for merchandise purchases for December. 3. Prepare a cash budeet for December Indieate in the financing section any borrowing that will be needed during the month. Assume that any interest will not be paid until the following month