Onelda Company's operations began in August . August sales were $200,000 and purchases were $120,000. The beginning cash balance for september is $30,500. Onelda's owner approaches the bank for a $100,000 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 $ 435,000 $ 500,000 Merchandise purchases 235,000 210,000 195,000 Cash payments Salaries 29,400 29,400 29,400 Rent 8,000 8,000 8,000 Insurance 4,600 4.600 Repayment of loan 100,000 Interest on loan 1,000 1,000 1,000 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 4,600 ONEIDA COMPANY Schedule of Cash Receipts from Sales September October November $ 250,000 $ 435,000 $ 500,000 Sales Cash receipts from: Prior period sales Two periods prior sales Total cash receipts $ 0 $ 0 $ 85,800 ONEIDA COMPANY Schedule of Cash Payments for Direct Materials September October November Materials purchases $ 235,000 $ 210,000 $ 195,000 Cash payments for Prior period purchases Two periods prior purchases Total cash payments 0 $ 0 $ 0 $ ONEIDA COMPANY Cash Budget September October $ 30,500 $ 137,900 November Beginning balance $ 112,700 Total cash available 30,500 137,900 112,700 Less: Cash payments for 0 0 0 Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan Ending cash balance