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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 $44,400. b. Actual sales for October and November and expected sales for December are as follows ed sales for December are as follows Cash sales Sales on account October November December $ 72,600 $ 86,600 $89,000 425,000 601,000 617,000 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 $358,000 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 $207,000, all of which will be paid in December d. Selling and administrative expenses are budgeted at $459,000 for December Of this amount, $64,500 e. A new web server for the Marketing Department costing $114.000 will be purchased for cash during f. The company maintains a minimum cash balance of $20,000. An open line of credit is available from the is for depreciation December, and dividends totaling $9,500 will be paid during the month company's bank 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 cash collections