During the last week of August, Oneida Company's owner approaches the bank for a $98.000 loan to be made on September 2 and repaid on November 30 with annual Interest of 13%, for an Interest cost of $3,185. 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 Onelda's ability to repay the loan and asks the owner to forecast the store's November 30 cash position. On September 1, Onelda is expected to have a $4.000 cash balance. $115.200 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 $ 210,000 $ 445, eee $ 510,000 Merchandise purchases 225,000 215,eee 194,689 Cash payments Payroll 20,400 22,150 24, see Rent 12,00 12,eee 12.ee Other cash expenses 34,188 29,800 21,200 Repayment of bank loan 98,888 Interest on the bank loan 3,185 Operations began in August, August sales were $160.000 and purchases were $115,000. The budgeted September merchandise purchases Include the inventory Increase. All sales are on account. The company predicts that 28% of credit sales is collected in the month of the sale, 43% In the month following the sale, 23% in the second month, 5% in the third. and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $68.800 of the $160.000 will be collected in September. $36.800 in October, and $8.000 in November. All merchandise is purchased on credit: 80% of the balance is paid in the month following a purchase, and the remaining 20% is paid in the second month. For example of the $115,000 August purchases. $92,000 will be paid in September and $23.000 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... Total Sales Uncollectible August September October November 30. November Accounts Rec. Credit sales from: August September October November Totals $ 160,000 210,000 445,000 510,000 Calculation of cash payments for merchandise -Paid in- August September October November 30 Total Purchases November Accounts Pay. Purchases from: August September October November Totals $ 115,000 225.000 215,000 194,000 S 749.000 Calculation Cash Budget > During the last week of August, Oneida Company's owner approaches the bank for a $98,000 loan to be made on September 2 and repaid on November 30 with annual Interest of 13%, for an Interest cost of $3,185. 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 Onelda's ability to repay the loan and asks the owner to forecast the store's November 30 cash position. On September 1, Onelda is expected to have a $4.000 cash balance. $115.200 of net accounts recelvable, and $100,000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash payments for the next three months follow. September $ 210,eee 225,000 Budgeted Figures Sales Merchandise purchases Cash payments Payroll Rent Other cash expenses Repayment of bank loan Interest on the bank loan October November $ 445,6ee $ 510,820 215,eee 194,820 22,150 12,600 12,080 29,800 21,282 98,680 3,185 20,480 12,eee 34,180 24,500 Operations began in August, August sales were $160.000 and purchases were $115,000. The budgeted September merchandise purchases include the inventory Increase. All sales are on account. The company predicts that 28% of credit sales is collected in the month of the sale, 43% In the month following the sale 23% In the second month, 5% in the third. and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $68.800 of the $160.000 will be collected in September $36.800 in October, and $8.000 in November. All merchandise is purchased on credit: 80% of the balance is paid in the month following a purchase, and the remaining 20% is paid in the second month. For example of the $115.000 August purchases, $92,000 will be paid in September and $23.000 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 final answers to the nearest whole dollar.) ONEIDA COMPANY Cash Budget For September, October, and November September October Beginning cash balance $ 4.000 Cash receipts November Total cash available Cash payments: Total cash payments Ending cash balance