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 $53,200 b. Actual sales for October and November and expected sales for December are as follows: October November December Cash sales $ 75,600 $ 89,000 $ 88,200 Sales on account $ 410,000 $. 574,000 $ 609,000 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 $318,000 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 $172,000, all of which will be paid in December d. Selling and administrative expenses are budgeted at $525,000 for December of this amount, $57700 is for depreciation e. A new web server for the Marketing Department costing $82,000 will be purchased for cash during December, and dividends totaling $12,000 will be paid during the month The company maintains a minimum cash balance of $20,000. An open line of credit is available from the company's bank to Increase its cash balance as needed