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.
|Pay in cash|
|Let me know if you are interested in renting||9,000||9,000||9,000|
|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
Prepare a cash budget to cover September, October, November.
Round your last answers until you find the closest whole
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