(Solved): Oneida Company's operations began in August. August sales were \( \$ 190,000 \) and purchases were \ ...

Oneida Company's operations began in August. August sales were \( \$ 190,000 \) and purchases were \( \$ 110,000 \). The beginning cash balance for september is \( \$ 34,000 \). Oneida's owner approaches the bank for a \( \$ 101,000 \) 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. All sales are on credit where \( 79 \% \) of credit sales are collected in the month following the sale, and the remaining \( 21 \% \) collected in the second month following the sale. All merchandise is purchased on credit; \( 89 \% \) of the balance is paid in the month following a purchase, and the remaining \( 11 \% \) 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. Required 1 Prepare the schedule of cash receipts from sales. *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. 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. *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Prepare the cash budget. ONEIDA COMPANY Cash Budget \begin{tabular}{|l|l|l|l|l|} \hline & & September & October & November \\ \hline Beginning balance & & \$ 34,000 & \$ 139,090 & \$ 102,680 \\ \hline Add: Cash receipts from sales & & 150,100 & 243,790 \( \times \) & 364,550 \\ \hline Total cash available & & 184,100 & 382,880 & 467,230 \\ \hline Less: Cash payments for & & & & \\ \hline Merchandise purchases & & 97,900 & 225,700 & 204,400 \\ \hline Salaries & & 31,400 & 31,400 & 31,400 \\ \hline Rent & & 10,000 \( \downarrow \) & 10,000 \( \downarrow \) & 10,000 \( \downarrow \) \\ \hline Insurance & & 5,700 \( \downarrow \) & 5,700 \( \downarrow \) & 5,700 \\ \hline Interest on loan & & 1,010 & 1,010 & 1,010 \\ \hline Total cash payments & & 146,010 & 273,810 & 252,510 \\ \hline Preliminary cash balance & & \$ 38,090 & \$ 102,680 & \$ 214,720 \\ \hline Loan activity & & & & \\ \hline Additional loan & & \$ 101,000 & 0 & 0 \\ \hline Repayment of loan & & 0 & 0 & 101,000 \\ \hline Ending cash balance & & 139,090 & 102,680 & 113,720 \\ \hline \end{tabular} *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.