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You hove been asked to prepare a December cash budget for Ashton Company, a distibutor of exercise equipment. The following information is avalable about the company's operations. a. The cash balance on December 1 is $50,800 b. Actuai sales for October and November and expected sales for December are as follows: Soles on account are collected over a three-month period as follows: 20x collected in the month of sale, 6ox collected in the month following sale, and 18% collected in the second month following sale. The remaining 2s is uncollectible. c. Purchases of inventory wal total $375,000 for December. Thity percent of a month's inventory purchases are paid during the monter of purchase. The accounts payable remaining from Novembers inventory purchases total $206,500, all of which will be posd in December. d. Seling and odministrative expenses are budgeted at $448.000 for December. Of this amount $997200 is for depreciation e. A new web server for the Marketing Oepartment costing \$b0,000 wil be purchased for cash during Decembec, and dividends totaling $14,500 wil be paid during the month. f. The company mantains a minimum cavr balance of $20.000 An open ine of credit is avalable from the compamy's bark to increase its cash balance as needed. Required: 1 Coiculate the expected cash collections for December. 2. Calcilate the expected cash disbursements for merchandise purchuses for December 3. Prepare a cash budget for December. Indicate in the financing section any borrowing that will be needed during the month. Assume that any interest will not be poid unti the following month. Compiete this question by entering your answers in the tabs below. Prepare a cash budget for December. Indicate in the founcing section any bocrowing that will be needed during the month Assume that arf interest will not be paid until the following mench