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 $50,800 b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October November December $77,800 $ 83,400 $ 99,800 475,000 558,000 622,000 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. Purchases of inventory will total $375,000 for December. Thirty percent of a month's inventory d. Selling and administrative expenses are budgeted at $448,000 for December. Of this amount, $97,200 is e. A new web server for the Marketing Department costing $80,000 will be purchased for cash during f. The company maintains a minimum cash balance of $20,000. An open line of credit is available from the rom November's purchases are paid during the month of purchase. The accounts payable remaining f inventory purchases total $206,500, all of which will be paid in December for depreciation. December, and dividends totaling $14,500 will be paid during the month 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