Oneida Company's operations began in August. August sales were $180,000 and purchases were $120,000. The beginning cash balance for september is $32,000. Oneida's owner approaches the bank for a $105,500 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 $ 220,000 225,000 October $ 405,000 215,000 November $ 410,000 202,000 Budgeted Sales Merchandise purchases Cash payments Salaries Rent Insurance Repayment of loan Interest on loan 30,600 11,000 4,600 30,600 11,000 4,600 30,600 11,000 4,600 105,500 1,055 1,055 1,055 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. Required 1 Required 2 Required 3 Prepare the schedule of cash receipts from sales. ONEIDA COMPANY Schedule of Cash Receipts from Sales September October November $ 220,000 $ 405,000 $ 410,000 Sales Cash receipts from: Prior period sales Two periods prior sales Total cash receipts $ 0 $ 0 $ 0 Required 1 Required 2 Required 3 Prepare the schedule of cash payments for direct materials. ONEIDA COMPANY Schedule of Cash Payments for Direct Materials September October November $ 225,000 $ 215,000 $ 202,000 Materials purchases Cash payments for Prior period purchases Two periods prior purchases Total cash payments $ 0 $ 0 $ 0 Required 1 Required 2 Required 3 Prepare the cash budget. ONEIDA COMPANY Cash Budget October November September $ 32,000 Beginning balance $ 125,645 $ 76,540 Total cash available 32,000 125,645 76,540 Less: Cash payments for Total cash payments 0 0 Preliminary cash balance Loan activity Additional loan Repayment of loan Ending cash balance