. 4 Martin Clothing Company is a retail company that sells hiking 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 available for several months of the current year. Month May June July August Cash Expenses Sales Purchases Paid $ 95,000 $ 70,880 $ 24,000 124,000 89,000 25,000 135,000 116,000 35,500 128,000 76,000 33,600 nt The majority of Martin's sales (60 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales. 40 percent are collected in the month of sale and 60 percent are collected in the following month. All of Martin's purchases are on account with 45 percent paid in the month of purchase and 55 percent paid the following pronth. Required: 1. Determine budgeted cash collections for July and August. 2. Determine budgeted cash payments for July and August. ances Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine budgeted cash collections for July and August. (Round your intermediate calculations and final answers to nearest whole dollar) July August Budgeted Cash Collections Martin Clothing Company is a retail company that sells hiking 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 available for several months of the current year: Cash Expenses Month Sales Purchases Paid May $ 95,000 $ 70,000 $ 24,000 June 124,000 89,000 25,000 July 135,000 116,000 35,500 August 128,000 76,000 33,600 The majority of Martin's sales (60 percent) are cash, but a few of the excursion companies purchase on credit of the credit sales, 40 percent are collected in the month of sale and 60 percent are collected in the following month. All of Martin's purchases are on account with 45 percent paid in the month of purchase and 55 percent paid the following month. Required: 1. Determine budgeted cash collections for July and August 2. Determine budgeted cash payments for July and August Complete this question by entering your answers in the tabs below. Required 1 Rebuired 2 Determine budgeted cash payments for July and August July August Budgeted Cash Payments Required