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Managerial accounting please help with whole answer..thank you You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise

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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 companys operations: a. The cash balance on December 1 is $55,400. b. Actual sales for October and November and expected sales for December are as follows: October November December Cash sales 69,400 88,400 96,800 Sales on account 445,000 596,000 625,000 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 sale. The remaining 2% is uncollectible. c. Purchases of inventory will total s340,000 for December. Thirty percent of a month's invent purchases are paid during the month of purchase. The accounts payable remaining from November's d. inventory purchases total all of which will be paid in December, of this amount, $55.100 is Selling and administrative expenses are budgeted at S510,000 for December. for depreciation. e. Anew web server for the Marketing Department costing purchase during December and dividends totaling be paid during the month for cash f. company maintains a minimum cash balance of $20,000. An open line of credit from the company's bank is available to bolster the cash position as needed. Required: 1. Prepare a schedule of expected cash collections for December. Schedule of Expected Cash Collections December cash sales Collections on account: October sales November sales December sales Total cash collections

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