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 b. Actual sales for October and November and expected sales for December are as follows October November December Cash sales 69,400 88,400 96,800 Sales on account 445,000 596,000 625,000 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 of inventory will total s340,000 for December. Thirty percent of a month's inventory purchases are during the month of purchase. The accounts payable remaining from November's purchases all of which will be December inventory d. and administrative expenses are budgeted at s510,000 for December of this amount, $55.100 is for depreciation. e. A Department be purchased for cash during December, and dividends totaling 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. Schedule of Expected cash collections December cash sales collections on account October sales November sales December sales Total cash collections