Checl You have been asked to prepare a December cash budget for Ashton Company a distributor of exercise equpment The olowing information is available about the company's operations a. The cash balance on December 1 is $51,000. b. Actual sales for October and November and expected sales for December are as follows Cash sales Sales on account $ 68,288$81,680 98,660 518,0e0 683,000 $ 636,80e e, 60% collected in the month Sales on account are collected over a three-month period as follows: 20% collected in the month ofs 1 following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible. month of purchase. The accounts payable remaining from November's inventory purchases total $170,500, all of which wil be paid in December. for December. Thirty percent of a month's inventory purchases are paid during the c Purchases of inventory will total S282000 d. Selling and administrative expenses are budgeted at $471.000 for December. Of this amount, $61100 is for depreciation e. A new web server for the Marketing Department costing $118.500 will be purchased for cash during December, and dividends totaling $18,000 will be paid during the month f. The company maintains a minimum cash balance of $20,000. An open line of credit is available from the company's bank to increase its cash balance as needed