During the last week of August. Oneida Company's owner approaches the bank for a $108,500 loan to be made on September 2 and repaid on November 30 with annual Interest of 14%, for an interest cost of $3,798. 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 $4.500 cash balance. $131,400 of net accounts receivable, and $100,000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash disbursements for the next three months follow. Budgeted Figures September October November Sales $ 230,000 $475,000 $460,000 Merchandise purchases 220,000 220,000 194,000 Cash paynents Payroll 20,100 21,900 24,800 Rent 10,000 10,000 10,000 Other cash expenses 33,700 29,600 20, 350 Repayment of bank loan 108,500 Interest on the bank loan 3,798 Operations began in August; August sales were $180,000 and purchases were $115,000 The budgeted September merchandise purchases include the inventory increase. All sales are on account. The company predicts that 27% of credit sales is collected in the month of the sale, 44% in the month following the sole. 22% in the second month, 6% in the third, and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $79,200 of the $180,000 will be collected in September, $39,600 in October, and $10,800 in November. All merchandise is purchased on credit: 80% of the balance is pold in the month following a purchase, and the remaining 20% is paid in the second month. For example of the $115,000 August purchases. $92,000 will be paid in September and $23,000 in October Required: Prepare a cash budget for September, October, and November (Round your final answers to to the e nearest whole dollar) Prepare a cash budget for September October, and November (Round your final answers to the nearest whole dollar) Calculation et cash receipts from sales Collected in November 30 Accounts Rec Total Sales Uncollectible August September October November Credit sales from August September October November Totals $ 180,000 230,000 475,000 460,000 $ 1,345,000 nces Calculation of cash yments for merchandise Pald In- November 30. Accounts Pay Total Purchases August September October November $ $ 0 Purchases from August September October November 115,000 220,000 220,000 194,000 749,000 4 0 Totals $ ONEIDA COMPANY Cash Budget For September, October, and November September October Beginning cash balance $ 4,500 Cash receipts November Total cash available Cash payments: 0 0 0 Total cash payments Ending cash balance