You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following Information is availiable about the company's operations a. The cash balance on December 1 is $46,000. b. Actual sales for October and November and expected sales for December are as follows 78.20077,600 9S,00 460,000 534.000 $606.000 on socount Sales on account are collected over a three-month period as follows: 20% colected in the mom orsaie, 60% coleded in the month following sale, and 18% colected in the second month folowing sale. The remaining 2% is uncolectble. ces CPurchases of inventory will total $352.000 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 $209,000, all of which will be paid in December d. Selling and administrative expenses are budgeted at $505,000 for December. Of this amount, $60,700 is for depreciation e. A new web server for the Marketing Department costing $102,000 will be purchased for cash during December and dividends otaling $16,500 will be paid during the month The company maintains a minimum cash baliance of $20,000. An open line of credit is avaliable from the company's bank to increase ts cash balance as needed 1 Calcuiabe the expected cash collections for December 2. Calculate the expected cash disbursements for meechandise 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 thet any interest will not be peid until the folowing month Complete this ""ion by entering your answers in the tabs below. Pres 1 of 4 Next> 6