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1.DETERMINE BUDGET CASH COLLECTIONS FOR JULY AND AUGUST 2. DETERMINE CASH PAYMENTS FOR JULY AND AUGUST Martin Clothing Company is a retall company that selis
1.DETERMINE BUDGET CASH COLLECTIONS FOR JULY AND AUGUST
Martin Clothing Company is a retall company that selis hilking and other outdoor gear specially made for the desert heat. It sells to Individuals as well as local companies that coordinate adventure getaways in the desert for tourists. The following information is avaliable for several months of the current year: The majority of Martin's sales (75 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 45 percent ore collected in the month of sale and 55 percent are collected in the following month. Al of Martin's purchases are on account with 50 percent paid in the month of purchase and 50 percent paid the following month. Required: 1. Determine budgeted cosh collections for July and August. 2. Determine budgeted cosh payments for July and August. Complete this question by entering your answers in the tabs below. Determine budgeted cash collections for July and August. (Round your intermediate calculotions and final answers to nearest whole dolast) 2. DETERMINE CASH PAYMENTS FOR JULY AND AUGUST
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