Oneida Company's operations began in August. August sales were $160,000 and purchases were $115,000. The beginning cash balance for september is $34,000. Oneida's owner approaches the bank for a $109,000 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 September October November $ $ $ 230,000 475,000 460,000 Sales Merchandise purchases 230,000 215,000 192,000 Cash payments Salaries 31,200 31,200 31,200 Rent 9,000 9,000 9,000 Insurance 4,200 4,200 4,200 Repayment of loan Interest on loan 1,090 1,090 109,000 1,090 All sales are on credit where 73% of credit sales are collected in the month following the sale, and the remaining 27% collected in the second month following the sale. All merchandise is purchased on credit; 83% of the balance is paid in the month following a purchase, and the remaining 17% 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 Required Required 1 2 3 Prepare the schedule of cash receipts from sales. Sales ONEIDA COMPANY Schedule of Cash Receipts from Sales September October November $ 230,000 $475,000 $460,000 Cash receipts from: Prior period sales Two periods prior sales Total cash receipts < Required 1 Required 2 > Required Required Required 1 2 3 Prepare the schedule of cash payments for direct materials. ONEIDA COMPANY Schedule of Cash Payments for Direct Materials September October November Materials purchases $230,000 $215,000 $192,000 Cash payments for Prior period purchases Two periods prior purchases Total cash payments < Required 1 Required 3 > Required Required Required 1 2 3 Prepare the cash budget. ONEIDA COMPANY 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 Cash Budget September October November $ 34,000 $ 118,860 $ 74,020 < Required 2 Required 3>