During the last week of August Oneida Company's owner approaches the bank for a $108,000 loan to be made on September 2 and repaid on November 30 with annual interest of 10%, for an interest cost of $2,700 The owner plans to increase the store's inventory by S60,000 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 September1. Oneida is expected to have a $4,000 cash balance, $121,600 of net accounts recelvable, and $100,000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash disbursements for the next three months follow. Merchandise purchases Cash paynents 218,890 201,803 Psyroll 22,896 24,709 Other cesh expenses Repayment of bank loan Interest on the bank loan 21,289 108,03 2,703 Operations began in August, August sales were $160,000 and purchases were $105,000. The budgeted September merchandise purchases include the inventory increase. All sales are on account. The company predicts that 24% of credit sales is collected in the month of the sale, 44% in the month following the sale, 21% in the second month, 8% in the third, and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $70,400 of the $160,000 ill be collected in September, $33,600 in October, and $12,800 in November. All merchandise is purchased on credit, 70% of the balance is paid in the month following a purchase, and the remaining 30% is paid in the second month For example, of the $105 000 August purchases, $73 500 will be paid in September and $31,500 in October. Required: Prepare a cash budget for September, Octoher, and November. (Round your finel answers to the nearest whole doller.) ulation of cash receipts from sales Total Sales Uncollectible Credit sales from: 5 16D DOO 230,000 395.000 45D DOD August October Totals aid i Total August September October Navember Accounts P Purchases from August September October 5 105 0OD 220,000 210,000 201 D00 $ 736,000 Tetals ONEIDA COMPANY Cash Budget For September, October, and November October Beginning cash balance Cash receipts 4,000 Total cash available Cash payments. Total cash payments Ending cash balance