value: 5.00 points 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 is $47,000. Actual sales for October and November and expected sales for December are as follows: October November December Cash salesS 83,000 $ 79,000 S 85,600 Saeson 00,000 624,000 674,000 account 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 will total $372,000 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 $189,500, all of which will be paid in December d. Selling and administrative expenses are budgeted at $502,000 for December. Of this amount, $69,000 is for depreciation. e. A new web server for the Marketing Department costing $88,500 will be purchased for cash during December, and dividends totaling $14,500 will be paid during the month. f. The company maintains a minimum cash balance of $20,000. 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 chedule of Expected Cash December cash sales Collections on account October sales November sales ber sales Total cash collections 2. Prepare a schedule of expected cash disbursements for merchandise purchases for December Schedule of Expected Cash Payments to suppliers: November purchases December purchases Total cash