on Completion Status: UESTION 8 14 points Save Answer Long & Short Company developed the following data for the preparation December 2021 budget: Expected Beginning Cash balance December 1: $12,300 Expected total sales in December: $120,000. Sales are 25% cash and 75% on account. Credit sales are collected as 30 percent in the month of sale, 60 percent in the following month, and 10 percent in the second month following the sale. Actual credit sales for the previous months were: November, $60,000 October, $50,000 and September $40,000 The expected purchase of inventory for December is $45,000. Actual November purchases were $34,000, October $32,000 and for September are $40,000. 20% of the purchases are paid in the month of purchase, 70% in the following month and the remainder in the second month following purchases. The following are other cash expenses: December salaries are $28,400, utilities are $1,900, selling and administrative expenses will be $47,000 of which depreciation on the building is $4,000. Required: A). Calculate the anticipated cash receipts from sales in December. (5 Marks) B). Calculate the anticipated total cash available in December. (2 Marks) C). Calculate the December cash payments for purchases. (4 Marks) ). Calculate the anticipated cash balance on December 31. (3 Marks) he toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). IUS Paragraph Arial 10pt Ev A v TX EE X2 X2 ... -TT The + RBC V E v X EXE TT ( ) 3 7 + 0 WORDS POWERED BY TINY UESTION 9 18 points Save