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Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to C 6 Problem 8-21 (Algo) Schedules of Expected Cash Collections and Disbursements (LO8-2, L08-4, L08-8) 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 $51000 b. Actual sales for October and November and expected sales for December are as follows Cash sales Sales on account October November December $ 68,200 $ 81,60 $ 90,600 $ 510,000 $603,000 $636,000 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 $282.000 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 $170,500, all of which will be paid in December d. Selling and administrative expenses are budgeted at $471,000 for December of this amount 561100 is for depreciation e. A new web server for the Marketing Department costing $118,500 will be purchased for cash during December, and dividends totaling $18,000 will be paid during the month + Therman maintaine minimum nach halamanca Annnenlinnati maishla from the manu'e hankin

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