You have ben asked to prepare a December cash budge fr Aation Company,a istibudar of xere Prepare a schedule of expected cash disbursements for merchandise purchases for December equipment. The following information is available about the company's operations: Schedule of Expected Cash Disbursements a. The cash balance on December 1 is $46,000 b. Actual sales for October and November and expected sales for December are as follows: November purchases December purchases October November December Total cash payments Cash sales Sales on account 78,200 $ 77,600 $ 95,000 460,000 534,000 606,000 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 $352,000 for December. Thirty percent of a month's inventory 3. purchases are paid during the month of purchase. The accounts payable remaining from November's nventory purchases total $209,000, all of which will be paid in December Prepare a cash budget for December. Indicate in the financing section any borrowing that will be needed during the month. Assume that any interest will not be paid until the following month d. Selling and administrative expenses are budgeted at $505,000 for December. Of this amount, $60,700 is e. A new web server for the Marketing Department costing $102,000 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 for depreciation December, and dividends totaling $16,500 will be paid during the month. company's bank to bolster the cash position as needed Ashton Company Cash Budget For the Month of December Beginning cash balance Add collections from customers Total cash available Less cash disbursements: 1. Prepare a schedule of expected cash collections for December. Payments to suppliers for inventory Selling and administrative expenses Schedule of Expected Cash Collections December cash sales Collections on account Dividends paid Total cash disbursements Excess (deficiency) of cash available over disbursements Financing October sales November sales December sales Total cash collections Repayments Interest Ending cash balance