Question 11 (10 points) ACME Company has the following budget information for 2022: October November December Sales on account $180,000 $200,000 $150,000 Material purchases $90,000 $80,000 $70,000 Manufacturing labour and overhead expenses (including depreciation) $98,000 $115,000 $110,000 Depreciation expense $7,000 $7,000 $7,000 The following information is also available: . on November 30, 2022, the cash balance is expected to be $2,000 and the line of credit balance is expected to be zero . a minimum cash balance of $1,000 is required each month . interest on outstanding line of credit balances will be paid in the following month . sales are typically collected 25% in the month of sale, 50% in the month following the sale, and 22% in the second month following the sale . material purchases are paid 20% in the month of purchase and the remaining amount in the following month Required: 1. Prepare a cash budget, in good form, for December. (9 marks) 2. Calculate the Accounts Payable balance for the budgeted Balance Sheet on December 31, 2022. (1 mark)