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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 compary's aperations: a The cash balance on December 1 is $40,000. b. Actual sales for October and November and expected sales for December are as folows $65,000 70,000 83,000 Cash sales Sales on account 400,000 525,000 600,000 Sales on account are collected over a three-month penod 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 inwentory wil total $280,000 for December Thrty percent of a month's inventory purchases are paid during the month of purchase The accounts payable remaining from November s inventory purchases total $161.000, al of which wil be paid in December d. Selling and administrative expenses are budgeted at $430.000 for December of this amount, $50,000 is for depreciation. e web server for the Marketing Department costing $76,000 wil be purchased for cash during 000 will be paid during the month. totaling nimum cash balance of S20.000 An open line of credit is the company's bank to bolster the cash position as needed Prepare a schedule of expected cash collo tions for December ted Cash collection 83,000 December cash sales Collections on account 72,000 315,000 November sales December sales Total cash cotections