Rent Oneida Company's operations began in August. August sales were $160,000 and purchases were $105,000. The beginning cash balance for september is $33,000. Oneida's owner approaches the bank for a $99,000 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 $ 230,000 $ 385,000 $ 510,000 Merchandise purchases 230,000 205,000 192,000 Cash payments Salaries 31,200 31,200 31,200 11,000 11,000 11,000 Insurance 5,700 5,700 5,700 Repayment of loan 99,000 Interest on loan 990 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 October, and November. 1. Schedule of cash receipts from sales. 2. Schedule of cash payments for direct materials. 3. Cash budget 990 990 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 November Sales $ 230,000 $385,000 $ 510,000 Cash receipts from: Prior period sales $ 165,600 S 277,200 $ 367,200 Two periods prior sales 64,400 107,800 142,800 Total cash receipts $ 230,000 $ 385,000 $ 510,000 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 $ 230,000 $ 205,000 $ 192,000 Cash payments for Prior period purchases $ 188,600 $ 168,100 $ 157,440 Two periods prior purchases 41,400 36,900 34,560 Total cash payments $ 230,000 $ 205,000 $ 192,000 Required 1 Required 2 Required 3 Prepare the cash budget. ONEIDA COMPANY Cash Budget September $ 33,000 230,000 263,000 October November $ 112,210 $ 66,220 385,000 X 192,000 497,210 258,220 Beginning balance Add: Cash receipts from sales Total cash available Less: Cash payments for Merchandise purchases Interest on loan Rent Salaries Insurance Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan Ending cash balance 230,000 990 11,000 31,200 5,700 278,890 205,000 990 11,000 31,200 5,700 253,890 192,000 990 11,000 31,200 5,700 240,890