Sales $ 220,000 Salaries Insurance 9.000 Oneida Company's operations began in August. August sales were $160,000 and purchases were $125,000. The beginning cash balance for september is $32,000. Oneida's owner approaches the bank for a $103,000 loan to be made on September 2 and repald 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 $435.000 $ 420,000 Merchandise purchases 230,000 200,000 201,000 Cash payments 29.000 29,000 29,800 Rent 9.000 5.000 4.900 4.900 4.900 Repayment of loan 103,000 1.030 1.030 1.030 All sales are on credit where 71% of credit sales are collected in the month following the sale, and the remaining 29% collected in the second month following the sale. All merchandise is purchased on credit, 81% of the balance is paid in the month following a purchase, and the remaining 19% 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 Interest on loan ONEIDA COMPANY Schedule of Cash Receipts from Sales September October November $ 220,000 $ 435,000 $ 420,000 Sales Cash receipts from: Prior period sales Two periods prior sales Total cash receipts $ 0 $ 0 $ ONEIDA COMPANY Schedule of Cash Payments for Direct Materials September October November Materials purchases $ 230,000 $ 200,000 $ 201,000 Cash payments for Prior period purchases Two periods prior purchases Total cash payments 0 $ 0 $ $ o ONEIDA COMPANY Cash Budget September October November $ 32,000 $ 102,620 $ 50,440 Beginning balance Total cash available Less: Cash payments for 32,000 102,620 50,440 0 + 0 0 Total cash payments Preliminary cash balance Loan activity Additional loan Repayment of loan Ending cash balance