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 $45,400 b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account $67.800 $70.400 93.000 465,000 562,000 614,000 hs on account are cotected overathree-month period as follows: 20% cotected in the month of sale, 60% colected inthe month folowing sale, and 18% colected in the second month follo ng sale. The remai c. Purchases of inventory will total $356,000 for December. Thirty percent of a month's inventory purchases are pald during the month of purchase. The accounts payable remaining from November's inventory purchases total $164,000, ail ofwhich will be paid in December d. Seling and administrative expenses are budgeted at $431,000 for December. Of this amount, $54,200 is for depreciation. e. Anew web server for the Marketing Department oosting $120,500 will be purchased for cash during December, and dividends totaling $13,500 will be paid during the month. t. The company maintains a minimum cash balance of $20,000, An open Ine of credit is available from the company's bank to bolster the cash position as needed Required: 1. Prepare a schedue of expected cash colections for December of E December cash sales December sales Total cash collections 93,000