Oneida Company's operations began in August. August sales were $200,000 and purchases were $105,000. The beginning cash balance for september is $31,500. Oneida's owner approaches the bank for a $108,500 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. Sales Budgeted Merchandise purchases Cash payments Salaries Rent Insurance Repayment of loan Interest on loan September $260,000 230,000 October $ 445,000 220,000 November $490,000 201,000 29,000 29,000 29,000 11,000 11,000 11,000 4,200 4,200 4,200 1,085 1,085 108,500. 1,085 All sales are on credit where 70% of credit sales are collected in the month following the sale, and the remaining 30% collected in the second month following the sale. All merchandise is purchased on credit; 80% of the balance is paid in the month following a purchase, and the remaining 20% 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 Sales Cash receipts from: Prior period sales Two periods prior sales Total cash receipts September October November $ 260,000 $ 445,000 $ 490,000 $ 0 $ 0 $ < Required 1 Required 2 > Prepare the schedule of cash payments for direct materials. ONEIDA COMPANY Schedule of Cash Payments for Direct Materials Materials purchases Cash payments for Prior period purchases Two periods prior purchases Total cash payments September October November $ 230,000 $ 220,000 $ 201,000 + $ 0 $ 0 $ 0 < Required 1 Required 3 > Prepare the cash budget. ONEIDA COMPANY Beginning balance Total cash available - Less; Cash payments for Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan Ending cash balance Cash Budget September $ November 142,430 October 31,500 $ 150,715 $. 31,500 150,715 142,430 0 0 0 < Required 2 Required 3 >