You have been askend to prepare a December cosh budget for Ashton Company. a distributof af exercise equipment. The fallicaing information is available about the compary's operations: a. The cash bulance on December 1 is $47,000 b. Actual sales for Oktober and November and expected sales for December are shown below. Sales on account are collected erer a three month period as follows: 20%m collected in the month of sale, 60% collected in the month following sale. and 18 coledected in the second month following sale. The remaining 2% is uncollectible. c. Purchases of inventory will total $372.000 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 $189,500, all of which will be pald in December. d. Selling and administrative expenses are budgeted at $502,000 for December. Of this amount, $69.000 is for depreciation. e. A new web server for the Marketing Department costing $88,500 will be purchased for cash during Decenber, and dividends totalling $14,500 will be pald during the month. 6. The company maintains a minimum cash balance of $20,000. An open line of credit is avallable from the compary's bank to bolster the cash position as needed. Required: 1. Prepare a schedule of expected cash collections for December. Required: 1. Prepare a schedule of expected cash collections for December. 2. Prepare a schedule of expected cash disbursements during December for merchandise puichasth 2. Prepare a schedule of expected cash disbursements diating Decembet for merchandive parchases. 3. Prepare a cash budget for December indicate in the financing section any borrowing that will be needed duning the month. Assumit that any interest will not be pald until the following month 3. Prepare a cash budget for December, Indicate in the financing section any borrowing that vill be needed during the morth sarme that any interest will not be poid until the following month