Oneida Company's operations began in August. August sales were $190,000 and purchases were $110,000. The beginning cash balance for september is $30,000. Oneida's owner approaches the bank for a $106,500 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. Budgeted September October November Sales $ 250,000 $ 425 , 000 $ 480 ,090 Print Merchandise purchases 225 , 000 215 , 000 202, 090 Cash payments Salaries 30 , 600 30, 600 30, 600 Rent 8,000 8,000 8,000 Insurance 4, 600 4, 600 4, 690 Repayment of loan 106 ,500 Interest on loan 1 , 065 1, 065 1, 065 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. Complete this question by entering your answers in the tabs below