You have been asked to prepare a December cash budget for Ashiton Company, a distributor of exercise equipment. The following information is avaliable about the company's operations: a. The cash balance on December 1 is $55.400 b. Actial sales for October and November and expected sabes for December are stiown below Soles on account are collected over. three month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, ant tow coilected in the secand inonth following sale. The remaining 2% is uncollectible. C. Purchases of inventory will total $340,000 for December. Thity percent of a month's inventory purchases are pakf thiring the month of purchase. The accounts payste remaining frem November's inventory purchases total $1/3500, af of which wili be paid in Decenter. d. Selling and admieustrative expemes are budgeted at $510000 for December. Of this amount, $55.500 is for depreciation e. A new web server for the Marketing Department costing $80,000 will be purchased for cash during December, and dividends totaling $ t8.500 wil be pald during the month 6. The company maintains a minimum cash balance of $70.000. An open ine of credit is avaloble from the companys tank to bolster the cast position as needed Required: 1. Prepare a schedule of expected cash collections for December 2. Prepare a schedule of expected cash disbursements during December for merchandise purchases 3. Prepare a cash budget foc Decembec indicate in the financing section any borrowing that will be needed during the month. Assume that any interest wili not be paid until the following month. You have been asked to prepare a December cash budget for Ashiton Company, a distributor of exercise equipment. The following information is avaliable about the company's operations: a. The cash balance on December 1 is $55.400 b. Actial sales for October and November and expected sabes for December are stiown below Soles on account are collected over. three month period as follows: 20% collected in the month of sale, 60% collected in the month following sale, ant tow coilected in the secand inonth following sale. The remaining 2% is uncollectible. C. Purchases of inventory will total $340,000 for December. Thity percent of a month's inventory purchases are pakf thiring the month of purchase. The accounts payste remaining frem November's inventory purchases total $1/3500, af of which wili be paid in Decenter. d. Selling and admieustrative expemes are budgeted at $510000 for December. Of this amount, $55.500 is for depreciation e. A new web server for the Marketing Department costing $80,000 will be purchased for cash during December, and dividends totaling $ t8.500 wil be pald during the month 6. The company maintains a minimum cash balance of $70.000. An open ine of credit is avaloble from the companys tank to bolster the cast position as needed Required: 1. Prepare a schedule of expected cash collections for December 2. Prepare a schedule of expected cash disbursements during December for merchandise purchases 3. Prepare a cash budget foc Decembec indicate in the financing section any borrowing that will be needed during the month. Assume that any interest wili not be paid until the following month