Oneida Companys operations began in August. August sales were $190,000 and purchases were $120,000. The beginning cash balance for september is $34,000. Oneidas owner approaches the bank for a $101,000 loan to be made on September 2 and repaid on November 30. The banks 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 $ 220,000 $ 425,000 $ 440,000 Merchandise purchases 235,000 210,000 196,000 Cash payments Salaries 31,000 31,000 31,000 Rent 8,000 8,000 8,000 Insurance 4,300 4,300 4,300 Repayment of loan 101,000 Interest on loan 1,010 1,010 1,010 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.