During the last week of August. Oneida Company's owner approaches the bank for a $100,500 loan to be made on September 2 and repaid on November 30 with annual interest of 14%, for an interest cost of $3,518. 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 Onelda'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, $130,900 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, September $ 240,000 220,000 October $ 445,000 220,000 November $ 430,000 198,000 Budgeted Figures Sales Merchandise purchases Cash payments Payroll Rent Other cash expenses Repayment of bank loan Interest on the bank loan 20,400 9,000 35,200 22,150 9,000 30,600 24,200 9,000 20,850 100,500 3,518 Operations began in August, August sales were $170,000 and purchases were $115,000. 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 $79,900 of the $170,000 will be collected in September, $32,300 in October, and $11,900 in November . All merchandise is purchased on credit: 80% of the balance is paid 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: Calculation of cash receipts from sales Collected in November 30. Total Sales Uncollectible August September October November Accounts Rec. Credit sales from: August $ 170,000 September 240,000 445,000 October November 430,000 Totals Calculation of cash payments for merchandise ...Paid In- November 30. Total Purchases August September October November Accounts Pay. Purchases from: August $ 115,000 September 220,000 + October 220,000 November 198,000 Totals $ 753,000 ONEIDA COMPANY Cash Budget For September, October, and November September October November $ 4,000 Beginning cash balance Cash receipts Total cash available Cash payments: Total cash payments Ending cash balance