Oneida Companys operations began in August. August sales were $180,000 and purchases were $125,000. The beginning cash balance for september is $33,500. Oneidas owner approaches the bank for a $105,500 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	$ 260,000	$ 435,000	$ 440,000
Merchandise purchases	235,000	220,000	199,000
Cash payments
Salaries	31,400	31,400	31,400
Rent	10,000	10,000	10,000
Insurance	6,000	6,000	6,000
Repayment of loan			105,500
Interest on loan	1,055	1,055	1,055

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.

Required 1 Required 2 Required 3 Prepare the schedule of cash receipts from sales. ONEIDA COMPANY Schedule of Cash Receipts from Sales September October $ 260,000 $ 435,000 November Sales $ 440,000 Cash receipts from: Prior period sales Two periods prior sales Total cash receipts $ O $ o $ o Required 1 Required 2 Required 3 Prepare the schedule of cash payments for direct materials. ONEIDA COMPANY November $ 199,000 Schedule of Cash Payments for Direct Materials September October Materials purchases $ 235,000 $ 220,000 Cash payments for Prior period purchases Two periods prior purchases Total cash payments $ $ 0 O $ 0 Required 1 Required 2 Required 3 Prepare the cash budget. ONEIDA COMPANY Cash Budget October November September $ 33,500 Beginning balance $ 122,045 $ 93,590 Total cash available 33,500 122,045 93,590 Less: Cash payments for 0 0 O Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan Ending cash balance