Oneida Company's operations began in August. August sales were $200,000 and purchases were $120,000. The beginning cash balance for september is $31,500. Oneida's owner approaches the bank for a $104,500 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 $ 260,000 225,000 October $ 415,000 200,000 November $ 480,000 201,000 Budgeted Sales Merchandise purchases Cash payments Salaries Rent Insurance Repayment of loan Interest on loan 30,600 9,000 4,400 30,600 9,000 4,400 30,600 9,000 4,400 104,500 1,045 1,045 1,045 All sales are on credit where 73% of credit sales are collected in the month following the sale, and the remaining 27% collected in the second month following the sale. All merchandise is purchased on credit; 83% of the balance is paid in the month following a purchase, and the remaining 17% 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. 3. Cash budget. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the schedule of cash receipts from sales. ONEIDA COMPANY Schedule of Cash Receipts from Sales September October $ 260,000 $ 415,000 November Sales $ 480,000 $ 146,000 $ 189,800 $ 350,400 X Cash receipts from: Prior period sales Two periods prior sales Total cash receipts 32,400 $ 222,200 70,200 $ 420,600 $ 146,000 Required 1 Required 2 X Answer is not complete. Complete this question by entering your answers in the tabs below. 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 Materials purchases $ 225,000 $ 200,000 $ 201,000 Cash payments for Prior period purchases $ 186,750 X $ 166,000 X $ 166,830 Two periods prior purchases 20,400 38,250 Total cash payments $ 186,750 $ 186,400 $ 205,080 Prepare the cash budget. ONEIDA COMPANY Cash Budget $ Beginning balance Add: Cash receipts from sales Total cash available Less: Cash payments for Salaries September $ 31,500 146,000 177,500 October November 137,355 $ 128,960 222,200 X 420,600 359,555 549,560 30,600 9,000 30,600 9,000 30,600 9,000 Rent Insurance 4,400 4,400 4,400 Interest on loan 1,045 1,045 1,045 45,045 132,455 45,045 314,510 X $ 45,045 504,515 $ $ Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan Ending cash balance $ 104,500 104,500 400,015 236,955 314,510