Oneida Company's operations began in August. August sales were $180,000 and purchases were $105,000. The beginning cash balance for september is $34,000. Onelda's owner approaches the bank for a $98,500 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. September $ 220,000 240.000 O Lober $ 395,000 215,000 November $ 440,000 190,000 Budgeted Sales Merchandise purchases Cash payments Salarie len Insurance Repayment of loan Interent on Loan 310000 0,000 5,000 31. 800 9.000 5.400 31.800 8.000 5,800 98.500 905 985 905 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. 2. Schedule of cash payments for direct materials. 3. Cash budget Return to ton 4 Answer is not complete. Complete this question by entering your answers in the tabs below. 14 points Required 1 Red Rebuired 3 Prepare the schedule of cash receipts from sales ONE DA COMPANY Schedule of Cath Receipts from Sales September $ 220,000 October 385.000 November $ 440.000 Sales Cash receipts from Prior period saloo Two periods prior sales Total cash receipts $ 142,200 $ 173.800 $ 312.050 37.000 48.200 S 142 200 $ 211.000 $ 358.250 Required 2 > Nont> Return to 4 Answer is not complete. Complete this question by entering your answers in the tabs below. 14 points Required 1 Required 2 Required Prepare the schedule of cash payments for direct materials. ONE DA COMPANY Schedule of Cach Parents for Direct Materials September October November Materials purchases $ 240,000 $ 215,000 $ 100.000 Cashments for Prior period purchases S 93.450 $ 213,000 $ 191.350 Two periods prior porchases 11,550 26,400 Total cash priments S 93.450 $ 225,150 $ 217,750 Saved Check my work mode : This shows what is correct or incorrect for the work you h Prepare the cash budget. ONGIDA COMPANY Cash Budget October $ Statember $ 34,000 142,200 176,200 134,665 211,600 346,265 November $ 74,530 92,400 166,930 Beginning balance Add: Cash receipts from sales Total cash available Less: Cash payments for Payments on accounts payable Salaries 93,450 31,800 8,000 5,800 225,100 % 31,800 8,000 5,800 445,350 31,800 8,000 5,800 Rent Insurance 490,950 139,050 6,550 $ $ 270,700 75,565 $ Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan Ending cash balance $ 985 985 985 X 98,500 5,565 X 74,580