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please help! im stuck ! thank you in advance !!! Oneida Company's operations began in August, August sales were $180,000 and purchases were $120,000, The
please help! im stuck ! thank you in advance !!!
Oneida Company's operations began in August, August sales were $180,000 and purchases were $120,000, The beginning cash bilance for september is $33,500. Oneida's owner approaches the bank for a $99,500 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 poyments for other expenses for the next three months follow. All sales are on credit where 72% of credit sales are collected in the month following the sale, and the remaining 28% collected in the second month following the sale. All merchandise is purchased on credit; 82% of the balance is paid in the month following a purchase, and the remaining 18% is paid in the second month. Required: Prepare the following for the months of September, Octobec, 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. Propare the schedule of cash receipts from sales. Oneida Companys operations began in August. August sales were $180,000 and purchases were $120,000. The beginning cash on November 30 . The banks ioan officer asks the owner to prepare monthly cash budgets. its budpeted sales, merchundise purchasel, and cash payments for bther expenses for the noxt three months follow. All sales are on credit where 72x of credit sales are collected in the month following the sale. and the remaining 28x collected in the second month following the sale. Al merchandise is purchased on credit: 82* of the balarse is paid in the mornth following a putchase, and the remaining 18x is paid in the second month Required: Prepare the following for the months of September, Octobec, 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. Mrepare the schedule of cash parments for dect materials: Oneids Company's operations began in August. August sales were $180,000 and purchases were $120,000. The beginning cash balance for soptember is $33,500 Oneida's owner approaches the bank for a $90,500 loan to be made on September 2 and repaid an November 30 . The bonk's foan officer asks the ownor to prepare monthly cosh budpets its budgeted sales, merchandise purchases, and cash payments for other expenses for the next three inonths follow. Al sales are on credit where 72% of credit sales are collected in the month following the sale, and the remaining 28% collected in the second month following the sale. All morchandise is purchased on credit, 82% of the bolance is paid in the month following a purchase, and the remaining 18% is paid in the second month. Required: Prepare the following for the months of Seplember, October, and November. 1. Schedule of cash receipts from sales. 2. Schedule of cash payments for direct materials. 3. Cosh budget. Complete this question by entering your answers in the tabs below. Prepare the cash budget Step by Step Solution
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