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Problem 8-21 Schedules of Expected Cash Collections and Disbursements (LOB-2, L08-4LO8-8] You have been asked to prepare a December cash budoet for Ashton Company, a distributor of exercise equipment. The following Information is available about the company's operations The cash balance on December 547500 b. Actual sales for October and November and expected sales for December are as follows: Otober Novexter Dec 3 , 00 3, 00 $ 405.000 615,000 $628000 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 c. Purchases of inventory wil total $151,000 for December Thirty percent of a months inventory purchases are paid during the month af purchase. The accounts payable remaining from November's inventary purchases total $194.500, all of which will be paid in December d. Selling and administrative expenses are budgeted at $512000 for December of this amount 591400 is for depreciation e. Anew web server for the Marketing Department costing $104,000 will be purchased for cash kuring December, and dividends totaling $11,500 will be paid during the month I The company maintains a minimum cash balance of $20,000. An openine of credit is available from the company's bank to increase its cash balance as needed Required: 1 Calculate the expected cash collections for December 2 Calculate the expected cash asbursements for merchandise purchases for December 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 unto the following month Complete this question by entering your answers in the tabs below. Total cash collections Total cash disbursements 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 inventor Selling and administrative expenses New web server Dividends paid Total cash disbursements Excess (deficiency) of cash available over disbursements | Financing Borrowings Repayments Interest Total financing Ending cash balance