Question 2: (30 marks) Hawthorn Manufacturing needs to prepare a cash budget for December 2021. The cash balance at the beginning of December is $14,000. The actual sales for October and November and expected sales for December are: Information October ($) Cash Sales 13,000 Sales on Account 50,000 Total Sales 63,000 November ($) 14,500 December ($) 22,800 60,000 85,000 74,500 107.800 Sales on account are collected over a three-month period in the following ratio: 15% in the month of sale, 65% in the month following sale 17% in the second month following sale 3% remaining are uncollectible. Additional information includes: (a) Purchases of inventory will total $50,000 for December; 15% will be paid for in December. Accounts payable from November's inventory purchases is $32,000, all of which will be paid in December. (b) Selling and administrative expenses are budgeted at $24,000 for December; of which $8,000 is for depreciation. (c) Equipment costing $35,000 will be purchased for cash during December, and other miscellaneous cash expenses of $5,000 will be paid during December. Required Prepare a schedule showing the cash collections from sales on account for the month of December AND a Cash Budget for December. Show all working clearly