I am having difficulty figuring this out. Any help would be appreciated to answer the 3 requirements. I am not certain how to set up these budgets. Thank you.

Problem 4-3:
You will be required to prepare a December cash budget. You are provided with the following information:
a] Cash balance on December 1 is $60,000.
b] Actual sales for October and November and expected sales for December are as follows:
October November December
Cash sales $95,000 $105,000 $125,000
Sales on account $600,000 $785,000 $900,000
Sales on account are collected over a three month period as follows:
Month of sale: 15%
Month following sale: 60%
Second month following sale: 20%
Five percent of sales on account are uncollectible.
c] Purchases of inventory for December will total $420,000. Forty percent of a month?s inventory purchases are paid in the month of purchase. The accounts payable remaining from November inventory purchases total $205,000, all of which will be paid in December.
d] Selling and administrative expenses are budgeted at $440,000 for December; of this amount $50,000 is for depreciation.
e] A new machine will be purchased for cash, in December, at a cost of $205,000; dividends totaling $25,000 will be paid in December.
f] The company maintains a minimum cash balance of $60,000. An open line of credit is available from the company?s bank to bolster the cash position as needed.
Required:
1] Prepare a schedule of cash collections for December.
2] Prepare a schedule of cash disbursements for merchandise purchases for December.
3] Prepare a cash budget for December. Indicate in the financing section any borrowing that will be needed during the month. Assume that no interest payments are due or will be paid before January.