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 $56,600. b. Actual sales for October and November and expected sales for December are shown below. 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. Cash sales October $ 71,200 Sales on account 440,000 November December $ 73,400 5 86,200 576,000 639,000 c. Purchases of inventory will total $315,000 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 $181,500, all of which will be paid in December. d. Selling and administrative expenses are budgeted at $522,000 for December. Of this amount, $74,100 is for depreciation. e. A new web server for the Marketing Department costing $103,500 will be purchased for cash during December, and dividends totalling $10,000 will be paid during the month t. 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 i Colections on account Save & Exit Submit