You hmve been anked to prepare a December cash budget for Ashton Campeny, a distritider of eritcite equipmont. The foliowing information is avalleble obout the company's operations: a. The cash balance on December 1 is $53,400. b. Actual soles for October and November and expected sales for Decomber are as follewi: Sales on account are collected over a three-menth period as foliows: 20 i. collected in the month of sate, 60 so coliected in the month following sale, and 18% collected in the second month following sale. The remaining 2 the is uncollectibte. c. Purchases of inventory will total $341,000 for December. Thirfy percent of a month's inventory purchases are pald during the month of purchase. The accounts payable remaining from November's inventory purchases total $165,000. all of which will be paid in December; d. Selling and administrative expenses are budgeted at $516,000 for December. Of this amount, $94,900 is for depreciation. e, A new web server for the Marketing Department costing $121,500 will be purchased for cash during December, and dividends totaling $13,000 will be paid during the month. f. The company maintains a minimum cash balance of $20,000. An open line of credit is avaitable from the compary's bank to increase its cash balance as needed. Required: 1. Calculate the expected cash collections for Decembet. 2. Calculate the expected cash disbursements for merchandise purchases for December. 3. Prepare a cash budget for December. Indicate in the financing section any borrowing that will be needed during the manth. Assume that any interest will not be paid until the following month. Complete this question by entering your answers in the tabs below. 1. Calculate the expected cash collections for December. 2. Calculate the expected cash disbursements for merchandise purchases for December. Docember. fotaling $13,000 will be paid duting the morith. increase its cash balance as needect. Requlred: 1. Calculate the expected cash collections for December, 2. Calculate the expected cash disbursements for merchandise purchases for Decemibec that any interest will not be paid until the following month. Complete this question by entering your answers in the tabs below. 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