During the last week of August, Oneida Company's owner approaches the bank for a $106,500 loan to be made on September 2 and repaid on November 30 with annual interest of 11%, for an interest cost of $2,929. 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 ofcer 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, $138,?00 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: September October November Sales $ 260,000 $ 405,000 $ 510,000 Merchandise purchases 225,000 220,000 195,000 Cash payments Payroll 19,900 21,950 23,000 Rent 9,000 9,000 9,000 0ther cash expenses 34,500 30,400 20,000 Repayment of bank loan 106,500 Interest on the bank 'Loan 2,929 *Operations began in August: August sales were $190,000 and purchases were $110,000. 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 ofthe sale, 44% in the month following the sale, 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 $83,600 ofthe $190,000 will be collected in September. $41,800 in October. and $11,400 in November. All merchandise is purchased on credit; 80% ofthe balance is paid in the month following a purchase. and the remaining 20% is paid in the second month. For example. of the $110,000 August purchases, $88,000 will be paid in September and $22,000 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 September 260,000 October 405,000 November 510,000 Totals Calculation of cash payments for merchandise --Paid in----- November 30. Total August September October November Accounts Pay. Purchases Purchases from: August $ 110,000 September 225,000 October 220,000 November 95,000 Totals $ 750,000 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 a cash budget for September, October, and November. (Round your final answers to the nearest whole dollar.) ONEIDA COMPANY Cash Budget For September, October, and November September October November Beginning cash balance $ 4,000 Cash receipts Total cash available Cash payments: Total cash payments Ending cash balance