During the last week of August, Oneida Company's owner approaches the bank for an $104,500 loan to be made on September 2 and repaid on November 30 with annual interest of 11%. for an interest cost of $2,874. 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 infomation 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 $4,000 cash balance, $154,000 of accounts receivable. and $100.000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash disbursements for the next three months follow Figures September October November udgeted Sales $210,000 $425,000 $470,000 Merchandise purchases 235,000 205,000 194,000 Cash disbursements Payroll 20.500 24.500 Other cash expenses 33,600 29,400 20,450 Repayment of bank loan Interest on the bank loan 2.874 *Operations began in August. August sales were $200,000 and purchases were $105.000. The budgeted September merchandise purchases include the inventory increase. All sales are on account. The company predicts that 23% of credit sales is collected in the month of the sale, 47% in the month following the sale. 19% in the second month, 7% in the third, and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $94,000 of the S200,000 will be collected in September, S38,000 in October, and $14,000 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. For example, of the $105.000 August purchases. $63.000 will be paid in September and $42.000 Octobe Required: Prepare a for September October, and November for Oneida Company. Show supporting calculations as needed Calculation of cash recei pts from sales ected in Total Sales Uncollectible August September Octobe November Sales from August 200,000 September 210,000 October 425.000 November 70,000 Totals November 30, Accounts Rec