Error- Blackboard Learn My UND UND: Universit x 0 Mail Mail Connect Appssyllabus fine arts Ch. 8: Homework Saved Help Save & Exit Submit 5 Check my work Problem 8-21 Schedules of Expected Cash Collections and Disbursements [LO8-2, LO8-4, LO8-8] 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 points 0205a. The cash balance on December 1 is $41,000 b. Actual sales for October and November and expected sales for December are as follows: eBook Cash soles Sales on account October November December $ 68,400 $ 87,40$ 95,800 $ 415,000 614,080 $ 692,080 Print 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. C. Purchases of inventory will total $376,000 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 S174,500, all of which will be paid in December d. Selling and administrative expenses are budgeted at $452,000 for December. Of this amount, $63,500 is for depreciation. e. A new web serverfor the Marketing Department costing $86,500 will be purchased for cash during December, and dividends totaling $10,500 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. Mc Graw