Oneida Company's operations began in August. August sales were $180,000 and purchases were $120,000. The beginning cash balance for september is $34,000. Oneida's owner approaches the bank for a $101,500 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 Salaries Sales Cash payments Rent Insurance Merchandise purchases Repayment of loan Interest on loan: September October $ 240,000 $425,000 November $450,000 220,000 200,000 190,000 31,000 31,000 31,000 11,000 11,000 11,000 4,300 4,300 4,300 101,500 1,015 1,015 1,015 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.) Sales Cash receipts from: Prior period sales Schedule of Cash Receipts from Sales September $ 69 October 240,000 $ 425,000 $ November 450,000 Two periods prior sales Total cash receipts $ 0 $ 0 $ 0 Required 1 Required 2 > Materials purchases Cash payments for Prior period purchases Schedule of Cash Payments for Direct Materials Two periods prior purchases Total cash payments September October November $ 220,000 $ 200,000 $ 190,000 $ 0 $ 0 $ 0 < Required 1 Required 3 > J Cash Budget October 34,000 $ 119,385 $ ok September Beginning balance + $ ent Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan Ending cash balance 34,000 119,385 November 93,270 93,270 0 0