During the last week of August, Oneida Company's owner approaches the bank for an $100,500 loan o be made on September 2 and repaid on November 30 with annua 5%, for an interest nterest cost of $3,769. 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 abou Oneida's ability to repay the loan and asks the owne to forecast the store's November 30 cash position. On Septembe Oneida is expected to have a $4,500 cash balance, $109,500 of 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 October November Sales $220,000 $405,000 $520,000 Merchandise purchases 25.000 215.000 201.000 Cash disbursements Payro 20.100 22.050 24.900 Ren 000 000 000 34,800 Other cash expenses 29.000 20.250 Repayment of bank loan 100.500 Interest on the bank loan 3.769 Operations began in August, August sales w ere $150,000 and purchases we ere $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 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, 60% of the balance is paid in the month following a purchase, and the remaining 40% is paid in the second month of the $110,000 August purchases, $66,000 will be or example paid in September and $44,000 in October. Required: Prepare a cash budget for Septembe October, and November for Oneida Company. Show supporting calculations as needed Calculation of cash receipts om sales. ollected in November 30 August September october November Accounts Rec. Total Sales Uncollectible Credit sales from August 150.000 220,000 September October 405,000 November 520,000 Calculation of cash payments for merchandise Paid in November 30 Tota Augus Septembe Octobe Novembe Accounts Pay Purchases Purchases from August 10.000 225,000 September October 215.000 Novembe 201.000 Totals 751,000 ONEIDA COMPANY Cash Budge For September, October, and Novembe Septembe Octobe Novembe 4500 Beginning cash balance Cash receipts Total cash available Cash disbursements Total cash disbursements Ending cash balance