just need the rest of the uncollectibles

Problem 20-6AA Merchandising: Preparation of cash budgets (for three periods) LO P4 During the last week of August, Oneida Company's owner approaches the bank for a $100,000 loan to be made on September 2 and repaid on November 30 with annual interest of 12%, for an interest cost of $3,000. The owner plans to increase the store's inventory by $80,000 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 $5,000 cash balance, $159,100 of net accounts receivable, and $125,000 of accounts payable. Its budgeted sales, merchandise purchases, and various cash disbursements for the next three months follow September October $250,000 $375,000 240,000 225,000 November $400,000 200,000 Budgeted Figures Sales Merchandise purchases Cash payments Payroll Rent Other cash expenses Repayment of bank loan Interest on the bank loan 20, oee 10,000 35,000 22,000 10,000 30,000 24,000 10,eee 20,000 100,000 3,000 "Operations began in August, August sales were $215,000 and purchases were $125.000 The budgeted September merchandise purchases include the inventory increase. All sales are on account. The company predicts that 25% of credit sales is collected in the month of the sale, 45% in the month following the sale 20% in the second month, 9% in the third and the remainder is uncollectible. Applying these percents to the August credit sales, for example, shows that $96.750 of the $215.000 will be collected in September. $43,000 in October, and $19,350 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 $125,000 August purchases, $100,000 will be paid in September and $25.000 in October Required: Prepare a cash budget for September October, and November Calculation of cash receipts from sales $125,000 August purchases, $100.000 will be paid in September and 525.000 in October Required: Prepare a cash budget for September October, and November Calculation of cash receipts from sales Collected in Uncollectible August September October Total Sales November 30, November Accounts Rec. Credit sales from: August September s 2,150 $ S $ 5 $ October $ 215.000 250,000 375.000 400,000 $ 1.240.000 53.750 op op of 53.750 96.750 62,500 | of op 159 250 43,000 112,500 93.750 of 249 250 19,350 50.000 168.750 100.000 338.100 0 25,000 112.500 300.000 437 500 November Totals $ $ $ $ $ Calculation of cash payments for merchandise Paid in November 30 Total Purchases August September October November Accounts Pay Purchases from August $ $ 0 September October November 125,000 240.000 225.000 200.000 790,000 of $ of of 0 100.000 of 0 0 25000 192,000 of 0 217.000 0 48,000 180,000 0 45,000 200.000 Totals $ $ 100.000 $ $ 220,000 $ 245.000 e to search O E R T Y U l o During the last week of August. Oneida Company's owner approaches the bark for a $100.000 loan to be made on September 2 und repaid on November 30 with annual interest of 12% for an interest cost of $3.000. The owner plans to increase the store's inventory by 50000 dunng September and needs the loan to pay for inventory acquisitions. The bank's loan officer needs more common about Onesda's ability to repay the loan and asks the owner to forecast the store's November 30 cash position on Septembert One ta is expected to have a $5.000 cash balance 5159.100 of net accounts receivable, and $225.000 of accounts payablets budgeted sales, merchandise purchases, and various cash disbursements for the next three months follow Budgeted Figures September $250,000 240,000 October $375, 0 225.000 November 0 0.00 200.000 Merchandise purchases Cash payments Payroll Rent Other cash expenses Repwynt of bank loan Interest on the bank loan 20,000 10.ece 35,00 22,eee 10,000 0,00 24, 10,00 20, 160, 3.000 "Operations began in August August sales were $215.000 and purchases were $125.000 The budgeted September merchandise purchases include the inventory increase All sales are on account the como predicts that 25% of credit sales is collected in the month of the sale, 45% in the month following the sale 20% in the second month in the third and the remainder is uncollectible Applying these percent to the August credit sales, for example, whows that $96250 of the $215 000 will be collected in September $43000 in October, and $19,350 in November Allmerchandises purchased on credit 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 $15 000 August purchases $100,000 will be paid in September and $25.000 in October Required: Prepare a cash budget for September October, and November Calculation of cash receipts from sales celled collectible August September October Total Sales November Accounts Rec Octer $215.000 $ 250 000 375.000 400.000 $1240 000 250 $ 53.750s 96,750 $ 112 500 0 62.500 1 0 of T op op S 53.750 $ 159,250 30005 19,3505 112 500 50 000 93.750 op 249 250 $ 338100 November 225 000 Calculation of cash payments for merchandise August September October November $ 125.000 0 $ 100,000 $ 0 op 25,000 192.000 op 48000 180.000 S 100 000 $ 217.0005 220.000 feed C on on a rece Recomana 159.250 100.000 Cash payment Payments on accounts payat 100 000 217.00