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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 will be $39,000. b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October $ 61,000 392,000 November $ 72,000 522,000 December $ 83,400 596,000 Sales on account are collected over a three-month period in the following ratio: 18% collected in the month of sale, 60% collected in the month following sale, and 20% collected in the second month following sale. The remaining 2% are uncollectible c. Purchases of inventory will total $278,000 for December 31% of a month's inventory purchases are paid during the month of purchase. The accounts payable remaining from November's inventory purchases total $162,000, all of which will be paid in December d. Selling and administrative expenses are budgeted at $429,000 for December of this amount, $49.000 is for depreciation. These are paid in the period incurred. e A new Web server for the Marketing Department costing $77,000 will be purchased for cash during December, and dividends totalling $9,000 will be paid during the month f The company must maintain a minimum cash balance of $21,000. 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 ASHTON COMPANY Schedule of Expected Cash Collections December cash sales Collections on account: October sales November sales