During the last week of August, Oneida Company's owner approaches the bank for an $104,000 loan to be made on September 2 and repaid on November 30 with annual interest of 14%, for an interest cost of $3,640. 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, $138,700 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* Sales Merchandise purchases Cash disbursements September October November $250,000 385,000 $480,000 201,000 240,000 210,000 Rent Other cash expenses Repayment of bank loan Interest on the bank loan 19,600 11,000 34,300 22,000 11,000 30,600 24,200 11,000 21,300 104,000 3,640 Operations began in August; August sales were $190,000 and purchases were $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 $83,600 of the $190,000 will be collected in September, $41,800 in October, and $11,400 in November. All merchandise is purchased on credit; 90% of the balance is paid in the month following a purchase, and the remaining 10% is paid in the second month. For example, of the $110,000 August purchases, $99,000 will be paid in September and $11,000 in October Required Prepare a cash budget for September, October, and November for Oneida Company. Show supporting calculations as needed