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 $43,200. b. Actual sales for October and November and expected sales for December are as follows: Cash sales Sales on account October November December $ 76,200 70,800 S 84,400 520,000 527,000 649,000 Sales on account are collected over a three-month period as follows: 20% collected in the mon 60% collected in the month following sale, and 18% collected in the second month following sale. The remaining 2% is uncollectible. th of sale, c. Purchases of inventory will total $370,000 for December. Thirty percent of a month's inventory paid during the month of purchase. The accounts payable remaining from November's purchases are inventory purchases total $193,000, all of which will be paid in December d administrative expenses are budgeted at $433.000 for December. Of this amount, $99,800 is for depreciation. December, and dividends totaling $18,500 will be paid during the month. company's bank to bolster the cash position as needed. e. A new web server for the Marketing Department costing $78,500 will be purchased for cash during aintains a minimum cash balance of $20,000. An open line of credit is available from the 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