Problem 8-21 (Algo) Schedules of Expected Cash Collections and Disbursements [LO8-2, LO8-4, LO8-8] Ashton Company, a distributor of exercise equipment, is preparing a cash budget for December. It provided the following information: a. The cash balance on December 1 is $56,600. b. Actual sales for October and November and expected sales for December are as follows: Sales on account are collected over a three-month perlod 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% are uncollectible. c. Purchases of inventory will total $315,000 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 $181,500, all of which will be paid in December. d. Selling and administrative expenses are budgeted at $522,000 for December, Of this amount, $74,100 is for depreciation. e. A new web server folkthe Marketing Department costing $103,500 will be purchased for cash during December, and dividends totaling $10,000 will be paid during the month. f. The company maintains a minimum cash balance of $20,000. An open line of credit is avallable from the company's bank to increase its cash balance as needed. Required: For December: paid until the following month. Complete this question by entering your answers in the tabs below. Prepare a cash budget for December. Indicate in the financing section any borrowing needed during the month. Assume any interest will not be paid until the following month