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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 is $57,600. b. Actual sales for October and November and expected sales for December are shown below. 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. Cash sales Sales on account October $ 65,600 480,000 Novenber $ 74,800 602,000 December $ 83,200 671,000 c. Purchases of inventory will total $342,000 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 $202,000, all of which will be paid in December d. Selling and administrative expenses are budgeted at $523,000 for December. Of this amount, $51,500 is for depreciation. e. A new web server for the Marketing Department costing $76,500 will be purchased for cash during December, and dividends totalling $16,500 will be paid during the month. 1. The company maintains a minimum cash balance of $20,000. 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. Schedule of Expected Cash Collections December cash sales Collections on account: October sales November sales December sales Total cash collections $ $ 0 2. Prepare a schedule of expected cash disbursements during December for merchandise purchases. Schedule of Expected Cash Disbursements Payments to suppliers: November purchases December purchases Total cash payments $ 0 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 paid until the following month. 0 Ashton Company Cash Budget For the Month of December Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Payments to suppliers for inventory Selling and administrative expenses New web server Dividends paid Total cash disbursements Excess (doficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing Ending cash balance 0 0 0 $ 0