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 $45,000. Actual sales for October and November and expected sales for December are as . follows: Cash sales Sales on account October November December $ 80,800 $ 74,000 $ 98,200 525,000 559,000 643,000 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 $371,000 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 $201.500, all of which will be paid in December d. Selling and administrative expenses are budgeted at $506,000 for December of this amount, $89,100 is for depreciation. e. A new web server for the Marketing Department costing $95,000 will be purchased for cash during December, and dividends totaling $13,500 will be paid during the month. 1. 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 Ashton Company Schedule of Expected Cash Collections K7 Saved Requirea: 1. Prepare a schedule of expected cash collections for December Ashton Company Schedule of Expected Cash Collections December cash sales Collections on account: October sales November sales December sales Total cash collections 2. Prepare a schedule of expected cash disbursements for merchandise purchases for December Ashton Company Schedule of Expected Cash Disbursements Payments to suppliers: November purchases December purchases Total cash payments