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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 $44,400 b Actual sales for October and November and expected sales for December are as follows Cash sales Sales on account 72,600 $ 86,600 $ 89,000 $425,000 $601,000 $617,000 Sales on account are collected over a three-month period as follows: 20% collected in the month of sale, 60% collected inthe month following sale, and 18% colected in the second month following sale. The remaining 2% is uncollectible. c Purchases of inventory will total $358000 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 and administrative expenses are budgeted at $459,000 for December Of this amount, $64500 is for e. A new web server for the Marketing Department costing $114,000 will be purchased for cash during December, and $207000, all of which will be paid in December depreciation. dividends totaling $9.500 will be paid during the month. bank to increase its cash balance as needed t The company maintains a minimum cash balance of $20,000. An open line of credit is available from the companys Required: 1. Calculate the expected cash collections for December 2. Calculate the expected cash disbursements for merchandise purchases 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 Complete this question by entering your answers in the tabs below and 2 Req 3 1. Calculate the expected cash collections for December 2. Calculate the expected cash disbursements Show lessA Total cash collections Total cash disbursements Req 3 Prev