70.2K

Verified Solution

Link Copied!

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

Complete this question by entering your answers in the tabs below.

Required $3$

Prepare the cash budget.

$\backslash$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.

$\backslash$table$[[$Budgeted$,$September,October,November$],[$Sales$,$$$240,000,$$$425,000,$$$480,000$

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 three months follow.

$\backslash$table$[[$Budgeted$,$September,October,November$],[$Sales$,$$$240,000,$$$425,000,$$$480,000$

Answer & Explanation Solved by verified expert

See Answer