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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 will be $39,000 b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October $ 60,000 394,000 November $ 68.000 523,000 December $ 82,000 682,000 Sales on account are collected over a three-month period in the following ratio 18% collected in the month of sale, 61% collected in the month following sale, and 18% collected in the second month following sale. The remaining 3% are uncollectible. c Purchases of inventory will total $280,000 for December 32% of a month's inventory purchases are paid during the month of purchase. The accounts payable remaining from November's inventory purchases total $160,000, all of which will be paid in December d. Selling and administrative expenses are budgeted at $429,000 for December of this amount, $50,000 is for depreciation. These are paid in the period incurred e A new Web server for the Marketing Department costing 572000 will be purchased for cash during December and dividends totalling $8 900 will be paid during the month The company must maintain a minimum cash balance of $21000 An open line of credit is available from the company's bank to bolster the cash position as needed Required: 1. Prepare a schedule of expected cash collections for December ASHTON COMPANY Schedule of Expected Cash Collections December cash sales Collections on account 44 October sales November sales December sales Total cash collections $ 0 2. Prepare a schedule of expected cash disbursements for materials during December to suppliers for inventory purchases ASHION COMPANY Schedule of Expected Cash Disbursements Payments to suppliers November purchases (accounts payable) December purchases Total cash payments 3. Prepare a cash budget for December. Indicate in the financing section any borrowing that will be needed during the month. ASHTON COMPANY Cash Budget For the Month of December Total cash available before current financing Deduct disbursements Total disbursements Excess (deficiency of cash available over disbursements Financing 0 Total financing 5 0