During the last week of August, Oneida Company's owner approaches the bank for a $101,000 loan to be made on September 2 and repaid on November 30 with annual interest of 10%, for an interest cost of $2,525. The owner plans to increase the store's inventory by $60,000 during September and needs the loan to pay for inventory acquisitions. The bank's loan officer needs more information about Oneida's ability to repay the loan and asks the owner to forecast the store's November 30 cash position. On September 1, Oneida is expected to have a $4,000 cash balance, $144,400 of net accounts receivable, and $100,000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash payments for the next three months follow. Budgeted Figures* Sales Merchandise purchases Cash payments Payroll Rent Other cash expenses Repayment of bank loan Interest on the bank loan September 260,000 October November 425,000 520,000 230,000 220,000 197,000 19,700 21,950 23,800 12,000 12,000 12,000 34,500 29,600 21,300 101,000 2,525 *Operations began in August, August sales were $190,000 and purchases were $120,000. The budgeted September merchandise purchases include the inventory increase. All sales are on account. The company predicts that 24% of credit sales is collected in the month of the sale, 44% in the month following the sale, 21% in the second month, 8% in the third, and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $83,600 of the $190,000 will be collected in September, $39,900 in October, and $15,200 in November. All merchandise is purchased on credit; 70% of the balance is paid in the month following a purchase, and the remaining 30% is paid in the second month. For example, of the $120,000 August purchases, $84,000 will be paid in September and $36,000 in October. Required: Prepare a cash budget for September, October, and November. Complete this question by entering your answers in the tabs below. Calculation Cash Budget Prepare the calculation of cash receipts from sales and calculation of cash payments for merchandise. Calculation of cash receipts from sales -Collected in- November 30. Total Sales Uncollectible August September October November Accounts Rec. Credit sales from: August $ 190,000