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Expected cash collections in december are

03/05/2021 Client: muhammad11 Deadline: 2 Day

PROBLEM 8–21 Schedules of Expected Cash Collections
Subject
Business Finance

Question Description
PROBLEM 8–21 Schedules of Expected Cash Collections and Disbursements LO8–2, LO8–4, LO8–8
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:

The cash balance on December 1 is $50,000.
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.
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.
Selling and administrative expenses are budgeted at $471,000 for December. Of this amount, $61,000 is for depreciation.
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.
The company maintains a minimum cash balance of $20,000. An open line of credit is available from the company’s bank to increase its cash balance as needed.

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