ACME lCompany.r has the following budget information for 2022: October N overnber December Sales on account $130,000 $200,000 $150,000 Material purchases $50,000 $30,000 \"0,000 Manufacturing labour and overhead expenses [includi ng depreciation} $53, 0 00 $110,000 $1050 0 0 Depreciation expense $10 00 51000 $10 0 0 The following information is also available; - on November 30, 2022: the cash balance is expected to be $3,000 and the line of credit balance is expected to be zero - a minimum cash balance of $2,000 is required each month . interest on outstanding line of credit balances Iwill be paid in the following month . sales are ty picalltjr collected 50% in the month of sale, 25% in the month following the sale, and 22% in the second month following the sale . material purchases are paid 30% in the month of purchase and the remaining amount in the following month Required: 1. Prepare a cash budget, in good form, for December. {9 marks] 2. Calculate the Accounts Payable balance for the budgeted Balance Sheet on December 31. 2022. [1 mark] Paragraph v B I L1 v A} 5. v lll'ltl Nelsons-serif v 12p! v T-l "E! = For, ACME Company Cash Budget ' Forthe Month Ended December 31 2022