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Oneida Company's operations began in August. August sales were $180,000 and purchases were $105,000. The beginning cash balance for september is $31,000. Oneida's owner approaches the bank for a $98,000 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. Budgeted Sales Merchandise purchases Cash payments Salaries. Rent Insurance. Repayment of loan. Interest on loan September $ 240,000 235,000 30,600 9,000 4,000 980 October $ 415,000 200,000 30,600 9,000 4,000 2. Schedule of cash payments for direct materials. 3. Cash budget. November $430,000 202,000 30,600 9,000 4,000 98,000 980 980 All sales are on credit where 78% of credit sales are collected in the month following the sale, and the remaining 22% collected in the second month following the sale. All merchandise is purchased on credit: 88% of the balance is paid in the month following a purchase, and the remaining 12% 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. D

Oneida Company's operations began in August. August sales were $180,000 and purchases were $105,000. The beginning cash balance for september is $31,000. Oneida's owner approaches the bank for a $98,000 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. Budgeted Sales Merchandise purchases Cash payments Salaries. Rent Insurance. Repayment of loan. Interest on loan September $ 240,000 235,000 30,600 9,000 4,000 980 October $ 415,000 200,000 30,600 9,000 4,000 2. Schedule of cash payments for direct materials. 3. Cash budget. November $430,000 202,000 30,600 9,000 4,000 98,000 980 980 All sales are on credit where 78% of credit sales are collected in the month following the sale, and the remaining 22% collected in the second month following the sale. All merchandise is purchased on credit: 88% of the balance is paid in the month following a purchase, and the remaining 12% 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. D

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the schedule of cash receipts from sales. ONEIDA COMPANY Schedule of Cash Receipts from Sales September Sales Cash receipts from: Prior period sales Two periods prior sales Total cash receipts Required 1 Required 2 Materials purchases Cash payments for Prior period purchases Two periods prior purchases Total cash payments Prepare the cash budget. Beginning balance Total cash available Less: Cash payments for Prepare the schedule of cash payments for direct materials. Total cash payments Preliminary cash balance Loan activity Required 3 Additional loan Repayment of loan Ending cash balance $ $ Required S ONEIDA COMPANY Cash Budget $ ONEIDA COMPANY Schedule of Cash Payments for Direct Materials 240.000 $ $ < Required 1 September October 0 $ 31,000 October September S 235,000 $ 200,000 $ 0$ 132,420 October 31,000 $ 132,420 S 415,000 $ 0 $ Required 2 > November 430,000 November 202,000 0$ November Required 3 > 95,240 95,240
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the schedule of cash receipts from sales. ONEIDA COMPANY Schedule of Cash Receipts from Sales September Sales Cash receipts from: Prior period sales Two periods prior sales Total cash receipts Required 1 Required 2 Materials purchases Cash payments for Prior period purchases Two periods prior purchases Total cash payments Prepare the cash budget. Beginning balance Total cash available Less: Cash payments for Prepare the schedule of cash payments for direct materials. Total cash payments Preliminary cash balance Loan activity Required 3 Additional loan Repayment of loan Ending cash balance $ $ Required S ONEIDA COMPANY Cash Budget $ ONEIDA COMPANY Schedule of Cash Payments for Direct Materials 240.000 $ $ < Required 1 September October 0 $ 31,000 October September S 235,000 $ 200,000 $ 0$ 132,420 October 31,000 $ 132,420 S 415,000 $ 0 $ Required 2 > November 430,000 November 202,000 0$ November Required 3 > 95,240 95,240
Oneida Company's operations began in August. August sales were $180,000 and purchases were $105,000. The beginning cash balance for september is $31,000. Oneida's owner approaches the bank for a $98,000 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. Budgeted Sales Merchandise purchases Cash payments Salaries Rent September $ 240,000 235,000 Insurance Repayment of loan Interest on loan. October $ 415,000 200,000 30,600 9,000 4,000 November $430,000 202,000 30,600 9,000 4,000 980 All sales are on credit where 78% of credit sales are collected in the month following the sale, and the remaining 22% collected in the second month following the sale. All merchandise is purchased on credit: 88% of the balance is paid in the month following a purchase, and the remaining 12% is paid in the second month. 980 30,600 9,000 4,000 98,000 980 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. 4
Transcribed Image Text:Oneida Company's operations began in August. August sales were $180,000 and purchases were $105,000. The beginning cash balance for september is $31,000. Oneida's owner approaches the bank for a $98,000 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. Budgeted Sales Merchandise purchases Cash payments Salaries Rent September $ 240,000 235,000 Insurance Repayment of loan Interest on loan. October $ 415,000 200,000 30,600 9,000 4,000 November $430,000 202,000 30,600 9,000 4,000 980 All sales are on credit where 78% of credit sales are collected in the month following the sale, and the remaining 22% collected in the second month following the sale. All merchandise is purchased on credit: 88% of the balance is paid in the month following a purchase, and the remaining 12% is paid in the second month. 980 30,600 9,000 4,000 98,000 980 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. 4
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