Check my work 4 Problem 8-21 (Algo) Schedules of Expected Cash Collections and Disbursements [LO8-2, LO8.4, LO8-8] 2.5 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 $45,000 b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October November December $ 30,000 $ 74,000 3 90,200 $ 525.000 5 359,00 $ 643,000 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 sele. The remaining 29 is uncollectible Purchases of inventory will total $371,000 for December Thirty percent of a month's inventory purchased are paid during the mooth of purchase. The accounts payable remaining from November's inventory purchases total $201.500 all of which will be paid in December d Selling and administrative expenses are budoefedt at $506 000 for December of this amount $89100 is for depreciation ME Saved Chapter 8 Exercises/Problems Assignment 4 2.5 points Book Print Cash Budget For the Month of December Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Payments to suppliers for inventory Selling and administrative expenses New web server Dividends paid Total cash disbursements Excess (deficiency) of cash available over disbursements Financing Borrowings Ropayments Interest Total financing Ending cash balance References IMC