During the last week of August, Oneida Companys owner approaches the bank for a $105,500 loan to be made on September 2 and repaid on November 30 with an annual interest of 15%, for an interest cost of $3,956. The owner plans to increase the stores inventory by $60,000 during September and needs the loan to pay for inventory acquisitions. The banks loan officer needs more information about Oneidas ability to repay the loan and asks the owner to forecast the stores November 30 cash position. On September 1, Oneida is expected to have a $4,000 cash balance, $154,000 of net accounts receivable, and $100,000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash disbursements for the next three months following.

Budgeted Figures*	September		October		November
Sales	$	240,000	$	395,000	$	510,000
Merchandise purchases		230,000		200,000		197,000
Cash payments
Payroll		20,000		21,900		24,100
Rent		9,000		9,000		9,000
Other cash expenses		33,600		31,400		20,550
Repayment of bank loan						105,500
Interest on the bank loan						3,956

*Operations began in August; August sales were $200,000 and purchases were $125,000. The budgeted September merchandise purchases include the inventory increase. All sales are on account. The company predicts that 23% of credit sales is collected in the month of the sale, 47% in the month following the sale, 19% in the second month, 7% in the third, and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $94,000 of the $200,000 will be collected in September, $38,000 in October, and $14,000 in November. All merchandise is purchased on credit; 50% of the balance is paid in the month following a purchase, and the remaining 50% is paid in the second month. For example, of the $125,000 August purchases, $62,500 will be paid in September and $62,500 in October. Required: Prepare a cash budget for September, October, and November. (Round your final answers to the nearest whole dollar.)

-Collected in September October November 30. November Accounts Rec. Total Sales Uncollectible August Credit sales from: August September October November Totals $ 200,000 240,000 395,000 510,000 Calculation of cash payments for merchandise --Paid in----- November 30. Total Purchases August September October November Accounts Pay. Purchases from: August September October November Totals $ 125,000 230,000 200,000 197,000 $ 752,000 Cash Budget For September, October, and November September October Beginning cash balance $ 4,000 Cash receipts November Total cash available Cash payments: 0 0 0 Total cash payments Ending cash balance