Oneida Company's operations began in August. August sales were $160,000 and purchases were $120,000. The beginning cash balance for september is $33,500. Oneida's owner approaches the bank for a $107,500 loan to be made on September 2 and repaid on November 30. The bank's loan officer asks the owner to prepare monthly cash budgets. Its budgeted sales, merchandise purchases, and cash payments for other expenses for the next three months follow. Budgeted Sales Merchandise purchases Cash payments Salaries Rent Insurance Repayment of loan Interest on loan September $220,000 235,000 October $ 485,000 205,000 November $ 450,000 201,000 30,600 30,600 30,600 10,000 10,000 10,000 4,100 1,075 4,100 4,100 1,075 107,500 1,075 All sales are on credit where 80% of credit sales are collected in the month following the sale, and the remaining 20% collected in the second month following the sale. 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. Required: Prepare the following for the months of September, October, and November. 1. Schedule of cash receipts from sales. 2. Schedule of cash payments for direct materials. 3. Cash budget. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the schedule of cash receipts from sales. ONEIDA COMPANY Schedule of Cash Receipts from Sales Sales Cash receipts from: Prior period sales September October November $ 220,000 $ 485,000 $ 450,000 Two periods prior sales Total cash receipts $ 0 $ 0 $ 0 Required 1 Required 2 Required 3 Prepare the schedule of cash payments for direct materials. ONEIDA COMPANY Schedule of Cash Payments for Direct Materials Materials purchases Cash payments for Prior period purchases September October November $ 235,000 $ 205,000 $ 201,000 Two periods prior purchases Total cash payments $ 0 $ 0 $ 0 Required 1 Required 2 Required 3 Prepare the cash budget. Beginning balance Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan Ending cash balance ONEIDA COMPANY Cash Budget September October November $ 33,500 $ 115,225 $ 53,950 33,500 115,225 53,950 0 0 0