Oneida Company's operations began in August. August sales were $190,000 and purchases were $100,000. The beginning cash balance for september is $33,500. Oneida's owner approaches the bank for a $99,500 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. All sales are on credit where 77% of credit sales are collected in the month following the sale, and the remaining 23% collected in the second month following the sale. All merchandise is purchased on credit; 87% of the balance is paid in the month following a purchase, and the remaining 13% 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. Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the cash budget. Aztec Company sells its product for $170 per unit. Its actual and budgeted sales follow. All sales are on credit. Collections are as follows: 20% is collected in the month of the sale, and the remaining 80% is collected in the nonth following the sale. Merchandise purchases cost $110 per unit. For those purchases, 60% is paid in the month of purchase and he other 40% is paid in the month following purchase. The company has a policy to maintain an ending monthly inventory of 22% of he next month's unit sales. The May 31 actual inventory level of 1,100 units is consistent with this policy. Selling and administrative expenses of $103,000 per month are paid in cash. The company's minimum cash balance at month-end is $100,000. Loans are bbtained at the end of any month when the preliminary cash balance is below $100,000. Any preliminary cash balance above $100,000 is used to repay loans at month-end. This loan has a 1.5% monthly interest rate. On May 31 , the loan balance is $38,500, and he company's cash balance is $100,000. Required: . Prepare a schedule of cash receipts from sales for each of the months of June and July. . Prepare the merchandise purchases budget for June and July. 3. Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted merchandise ourchases is $361,240. . Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. Complete this question by entering your answers in the tabs below. Prepare the merchandise purchases budget for June and July. Aztec Company sells its product for $170 per unit. Its actual and budgeted sales follow. All sales are on credit. Collections are as follows: 20% is collected in the month of the sale, and the remaining 80% is collected in the month following the sale. Merchandise purchases cost $110 per unit. For those purchases, 60% is paid in the month of purchase and the other 40% is paid in the month following purchase. The company has a policy to maintain an ending monthly inventory of 22% of the next month's unit sales. The May 31 actual inventory level of 1,100 units is consistent with this policy. Selling and administrative expenses of $103,000 per month are paid in cash. The company's minimum cash balance at month-end is $100,000. Loans are obtained at the end of any month when the preliminary cash balance is below $100,000. Any preliminary cash balance above $100,000 is used to repay loans at month-end. This loan has a 1.5% monthly interest rate. On May 31 , the loan balance is $38,500, and the company's cash balance is $100,000. Required: 1. Prepare a schedule of cash receipts from sales for each of the months of June and July. 2. Prepare the merchandise purchases budget for June and July. 3. Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted merchandise purchases is $361,240. 4. Prepare a cash budget for June and July, including any loan activity and interest expense. Compute the loan balance at the end of each month. Complete this question by entering your answers in the tabs below. Prepare a schedule of cash payments for merchandise purchases for June and July. Assume May's budgeted merchandise purchases is $361,240