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 $51,200 b. Actual sales for October and November and expected sales for December are as follows Cash sales Sales on account October November December $ 74,200 $ 79,600 $ 83,600 455,000 550,000 673,000 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 $346,000 for December. Thirty percent of a month's inventory d. Selling and administrative expenses are budgeted at $473,000 for December. Of this amount, $75,000 is e. A new web server for the Marketing Department costing $72,000 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 purchases are paid during the month of purchase. The accounts payable remaining from November's inventory purchases total $177,000, all of which will be paid in December for depreciation. December, and dividends totaling $17,500 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