Oneida Companys operations began in August. August sales were $180,000 and purchases were $115,000. The beginning cash balance for september is $32,000. Oneidas owner approaches the bank for a $106,000 loan to be made on September 2 and repaid on November 30. The banks 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

Sales

$ 220,000

$ 465,000

$ 510,000

Merchandise purchases

220,000

210,000

192,000

Cash payments

Salaries

30,800

30,800

30,800

Rent

8,000

8,000

8,000

Insurance

4,800

4,800

4,800

Repayment of loan

106,000

Interest on loan

1,060

1,060

1,060

All sales are on credit where 79% of credit sales are collected in the month following the sale, and the remaining 21% collected in the second month following the sale. All merchandise is purchased on credit; 89% of the balance is paid in the month following a purchase, and the remaining 11% 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.

Oneida Company's operations began in August. August sales were $180,000 and purchases were $115,000. The beginning cash balance for september is $32,000. Oneida's owner approaches the bank for a $106,000 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. All sales are on credit where 79% of credit sales are collected in the month following the sale, and the remaining 21% collected in the second month following the sale. All merchandise is purchased on credit; 89% of the balance is paid in the month following a purchase, and the remaining 11% is paid in the second month. Required: Prepare the following for the months of September, October, and November. 1. Schedule of cash recelpts from sales: 2. Schedule of cash payments for direct materials. 3. Cash budget. (2) Answer is not complete. Complete this question by entering your answers in the tabs below. 1. Schedule of cash receipts from sales. 2. Schedule of cash payments for direct materials. 3. Cash budget. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the schedule of cash receipts from sales