10.00 points You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the company's operations: a. The cash balance on December 1 is $53,200. b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October November December $75,600 S 89,000 $ 88,200 410,000 574,000 609,000 Sales on account are collected over a three-month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible Purchases of inventory will total $318,000 for December. Thirty percent of a month's inventory purchases are paid during the month of purchase. The accounts payable remaining from November's inventory purchases total $172,000, all of which will be paid in December. c. and administrative expenses are budgeted at $525,000 for December. Of this amount, $57,700 is e. A new web server for the Marketing Department costing $82,000 will be purchased for cash during f. The company mantains a minimum cash balance of $20,000. An open line of credit is available from the Required: for depreciation December, and dividends totaling $12,000 will be paid during the month. company's bank to bolster the cash position as needed. 1. Prepare a schedule of expected cash collections for December. Ashton Company