You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercase equipment. The following information is avaliable about the company's operations: a. The cash balance on December i is $47,000 b. Actual sales for October and November and expected sales for December are shown below. Sales on account are collected over is thee month period as follows: 20% collected in the month of sale, 60% collected in the month following sate, and ts 6 collected in the second month following sale. The remalning 2% is uncollectible. c. Purchases of inventory will total $372000 for Decembet. Thirty percent of a month's aiventory purchoses are paid durivg the mootty of purchise. The accounts payable temaining from November's invenoty purchases total $189500 all ot which wil be paid in Decenber. it. Selling and adaninistrative expenses are budpeted at 5502.000 for Decenber. Of this anount $69.000 is for dkeprecitian. e A hed ueti server for the Marketing Departinent costing 588,500 will be porchased for cish during December, and divhtends totailing $14.500 will be pald during the month. t. The company maintains a menimum cash balaece of $20,000. An open line of credit is available from the coingarys bank to bokitef the cosh position as needed. Required: 1. Prepare a ichedule of expected cash cotiectionis for December. Required: 1. Prepare a schedule of expected cash collections for December. 2. Prepare a schedule of expected cash disbursements during December for merchandise purchases