During the last week of August, Oneida Company's owner approaches the bank for a $105.500 loan to be made on September 2 and repaid on November 30 with annual interest of 13% for an interest cost of 53.429. The owner plans to increase the stores 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 lonn 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 $146,000 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 Budget September Det er Sales $ 230,000 465,000 $450,000 Merchandise 225,000 215,000 303.000 Cas pasta Payroll 20,500 21.300 Mant 9,000 9.000 1,000 Other cahapes 33,500 30.000 20.00 Repayment of bank loan 105,500 Interest on the bank loan 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 27% of credit sales is collected in the month of the 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 $88,000 of the $200,000 will be collected in September $44.000 in October, and $12.000 in Novembet. Al marchandise is purchased on credit: 60% of the balance is paid in the month following a purchase, and the remaining 40% is paid in the second month. For example of the $125.000 August purchases, $75,000 will be paid in September and $50,000 in October Required: Prepare a cash budget for September October and November Complete this question by entering your answers in the tabs below. Calculado 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 Total Sales Uncolectible August September October November Account Credit sales from August $ 200,000 3 2.000 $ 54000 S 8000 $44.000s 12.000 5 September 230.000 2.300 62.100 101.200 50 500 100 October 465,000 4.650 125.550 2040 130.200 November 450.000 4.500 121 SOC 124.000 Torals 51.345.000 $ 54,000 5 150,100 $ 270.750 5388,700 5 50.000 Calculation of cash payment for marchandise Pad August September October Total Purchase Nor Account Pay $ Purchase from August September October November Totals 525.000 225.000 215000 202.000 $ 767.000 Cash Budget > During the last week of August. Oneida Company's owner approaches the bank for a $105.500 loan to be made on September 2 and repaid on November 30 with annual interest of 3% for an interest cost of $3.429. The owner plans to increase the store's inventory by 560,000 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 Septembert. Oneidais expected to have a $4,500 cash balance. $146,000 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 September $ 230,000 225,000 Betober 5465,000 $450,000 215,000 202.000 Hudgeted is Sans Merchandise purchases Cash payment Payroll ant Other cash asse Repayment of bank loan Taterest on the bank loan 20,500 9.000 33,500 21,300 1.000 30,000 24.500 9.000 20.30 105.500 3.02 Operations began in August, August sales were $200,000 and purchases were $125.000 The budgeted September merchandise purchases include the inventory increase. Al 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 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 $88,000 of the $200,000 will be collected in September, $44,000 in October and 512.000 in November All merchandise is purchased on credit: 60% of the balance is paid in the month following a purchase, and the remaining 40% is paid in the second month. For example of the $125,000 August purchases. $75,000 will be paid in September and 550.000 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 a cash budget for September October, and November (Round your names to the nearest wnale dollar) ONEDA COMPANY Cash Budget For September October, and November September October Beginning cash balance $ 4.500 Cash reci Total cash available Cash payments Total cash payment Ending cash balance