Salaries 11,000 Oneida Company's operations began in August. August sales were $160,000 and purchases were $115,000. The beginning cash balance for september is $32,000. Oneida's owner approaches the bank for a $108,000 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 $ 240,000 $ 465,000 $ 490,000 Merchandise purchases 235,000 215.000 193.000 Cash payments 30,800 30,800 30,800 Rent 11,000 11,000 Insurance 5,800 5,800 5,800 Repayment of loan 100,000 Interest on loan 1,080 1.000 1,000 All sales are on credit where 74% of credit sales are collected in the month following the sale, and the remaining 26% collected in the second month following the sale. All merchandise is purchased on credit: 84% of the balance is paid in the month following a purchase, and the remaining 16% 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 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 $ 240,000 $ 465,000 $ 490,000 Sales Cash receipts from: Prior period sales Two periods prior sales Total cash receipts $ 0 $ 0 $ Required Required 2 > 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 $ 235,000 $ 215,000 $ 193,000 Cash payments for Prior period purchases Two periods prior purchases Total cash payments $ 0 $ 0 $ 0 Required Required Required 3 Prepare the cash budget. ONEIDA COMPANY Cash Budget September October November $ 32,000 $ 113,120 $ 67,840 Beginning balance 32,000 113,120 67,840 Total cash available Less: Cash payments for 0 Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan Ending cash balance