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Oneida Company's operations began in August. August sales were $150,000 and purchases were $110,000. The...

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Accounting

Oneida Company's operations began in August. August sales were $150,000 and purchases were $110,000. The beginning cash balance for september is $31,000. Oneida's owner approaches the bank for a $102,500 loan to be made on September 2 and repaid on November 30. The bank's loan officer asks the owner to prepare monthly cash budgets. Its budgeted sales, merchandise purchases, and cash payments for other expenses for the next
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Prepare the cash budget.
\table[[ONEIDA COMPANY],[Cash Budget],[,September,October,November],[Beginning balance,$,31,000,$,105,875,$,61,250],[Add: Cash receipts from sales],[Total cash available,,31,000,,105,875,,61,250],[Less: Cash payments for],[Payments on accounts payable],[Salaries],[Rent],[Insurance],[Interest on loan],[Total cash payments,,0,,0,,0],[Preliminary cash balance],[Loan activity],[Additional loan],[Repayment of loan],[Ending cash balance,,,,,,]] three months follow.
\table[[Budgeted,September,October,November],[Sales,$240,000,$425,000,$480,000
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