Oneida Company's operations began in August. August sales were $180,000 and purchases were $105,000. The beginning cash balance for september is $31,000. Oneida's owner approaches the bank for a $98,000 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 Sales Merchandise purchases Salaries Cash payments Rent Insurance Repayment of loan Interest on loan. September $ 240,000 235,000 October $ 415,000 November $430,000 200,000 202,000 30,600 30,600 30,600 9,000 9,000 9,000 4,000 4,000 4,000 98,000 980 980 980 All sales are on credit where 78% of credit sales are collected in the month following the sale, and the remaining 22% collected in the second month following the sale. All merchandise is purchased on credit: 88% of the balance is paid in the month following a purchase, and the remaining 12% 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. 4