Oneida Company's operations began in August. August sales were $180,000 and purchases were $105,000. The beginning cash balance for september is $30,500. Oneida's owner approaches the bank for a $100,500 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 October $465,000 November $520,000 230,000 225,000 201,000 29,000 29,000 29,000 11,000 11,000 11,000 4,300 4,300 4,300 100,500 1,005. 1,005 1,005 All sales are on credit where 72% of credit sales are collected in the month following the sale, and the remaining 28% collected in the second month following the sale. All merchandise is purchased on credit; 82% of the balance is paid in the month following a purchase, and the remaining 18% 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 September October November $ 220,000 $ 405,000 $ 520,000 Sales Cash receipts from Prior period sales Two periods prior sales Total cash receipts $ 0 $ 05 Required 2 > oints Oneida Company's operations began in August. August sales were $180,000 and purchases were $105,000. The beginning cash balance for september is $30,500. Oneida's owner approaches the bank for a $100,500 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 eBook Cash payments Salaries Rent Print Insurance Repayment of loan Interest on loan September $220,000 230,000 October $465,000 November $520,000 225,000 201,000 29,000 11,000 4,300 1,005 29,000 11,000 29,000 11,000 4,300 4,300 1,005 100, 500 1,005 All sales are on credit where 72% of credit sales are collected in the month following the sale, and the remaining 28% collected in the second month following the sale. All merchandise is purchased on credit. 82% of the balance is paid in the month following a purchase, and the remaining 18% 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 payments for direct materials. ONEIDA COMPANY Schedule of Cash Payments for Direct Materials Materials purchases Cash payments for Prior penod purchases Two periods prior purchases Total cash payments September October November 230,000 $ 225,000 $ 201.000 013 14 4 4 points eBook 10 Oneida Company's operations began in August August sales were $180,000 and purchases were $105,000. The beginning cash balance for september is $30,500. Oneida's owner approaches the bank for a $100,500 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 Salaries Cash payments Rent Insurance Repayment of loan Interest on loan September $220,000 October $465,000 Noves $520,000 230,000 225,000 201,000 29,000 29,000 29,000 11,000 11,000 11,000 4,300 4,300 4,300 100,500 1,005 1,005 3,5 All sales are on credit where 72% of credit sales are collected in the month following the sale, and the remaining 28% collected in the second month following the sale. All merchandise is purchased on credit. 82% of the balance is paid in the month following a purchase, and the remaining 18% 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 cash budget. ONEIDA COMPANY Cash Budget September Beginning balance $ 30.500 October S November 120,105 $ 85,100 Total cash available Less Cash payments for 30.500 120, 105 05.100 Total cash payments Pinary cash balance Loan activity Additional loan Repayment of loan Ending cash balance < Prev 4 of 6