During the last week of August, Oneida Company's owner approaches the bank for a $101,000 loan to be made on September 2 and repaid on November 30 with annual interest of 12%, for an interest cost of $3,030. 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, $109,500 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 $ 260,000 220,e0e October November Sales $ 435,000 $ 430,000 192,000 Merchandise purchases Cash payments Payroll Rent Other cash expenses Repayment of bank loan Interest on the bank loan 210,000 19,900 10,000 34,300 21,950 24,400 10,000 21,400 101,00e 3,030 10,00e 31,200 Operations began in August August sales were $150,000 and purchases were $105,000. 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 $66,000 of the $150,000 will be collected in September, $33,000 in October, and $9,000 in November. All merchandise is purchased on credit 30% of the balance is paid in the month following a purchase, and the remaining 70% is paid in the second month. For example, of the $105,000 August purchases, $31,500 will be paid in September and $73,500 in October. Required: Prepare a cash budget for September, October, and November. (Round your final answers to the nearest whole dollar.) Calculation of cash receipts from sales Collected in November 30. $105,000 August Required: Prepare a cash budget for September, October, and November. (Round your final answers to the nearest whole dollar.) ipped Calculation of cash receipts from sales Collected in November 30. Total Sales Uncollectible August September November Accounts Rec. October Credit sales from Book August 150,000 260,000 September Print October 435,000 November 430,000 Totals S1,275.000 erences Calculation of cash payments for merchandise Paid in November 30. Total Purchases August September October November Accounts Pay Purchases from August 105.000 0 September 220,000 October 210.000 November 192.000 0 $ 727.000 Totals ONEIDA COMPANY Cash Budget For September, October, and November November September October Beginning cash balance Cash receipts S 4,500 Total cash available Cash payments Total cash payments 0 Ending cash balance