During the last week of August, Oneida Company’s owner approaches the bank for a $103,000 loan…

During the last week of August, Oneida Company’s owner
Contact the bank for $103,000 to be taken on September 2,
Repaid at the end of November with an annual interest rate of 15%
Interest cost: $3,863. The owner plans to increase the store’s
Stock at $60,000 for September. The loan is needed to cover the inventory
Inventory acquisitions The bank’s loan officer needs more
information about Toeida’s ability to repay the loan and asks the
owner to forecast the store’s November 30 cash position. On
Oneida will have $4,500 in cash by September 1.
One hundred and fifty thousand dollars of net accounts receivable.
payable. Its sales budget, merchandise purchases and other financial information.
Cash disbursements are made for the following three months.

Budgeted Figures* September October November
Sales $ 220,000 $ 465,000 $ 520,000
Merchandise purchases 235,000 215,000 197,000
Pay in cash
Payroll 20,000 21,850 23,900
Let me know if you are interested in renting 9,000 9,000 9,000
Cash expenses 33,800 29,200 20,150
Repayment of bank loans 103,000
Bank loan interest 3,863

*Operations began in August; August sales were $180,000 and
The purchase price was $110,000

Inventory is included in the September budgeted merchandise purchase
increase. All sales accounts are taken into account. According to the company, 23% will be achieved.
Credit sales are collected within the month of sale. 47% is in the
Month following sale: 19% second month; 7% third.
The remainder of the data is not possible to collect. The percents are applied to
According to August credit sales data, $84,600 is the average amount.
The September collection will bring in $180,000, while October’s total of $34,200 is collected.
In November, $12,600 All merchandise purchased with credit, 60%
After a purchase, the balance of the payment is due in the following month.
Rest 40% will be paid the following month. Example:
Purchases August $110,000, 66,000 September
October, $44,000

Required:
Prepare a cash budget to cover September, October, November.
Round your last answers until you find the closest whole
dollar.)

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