5 E8-18 (Algo) Preparing Cash Receipts and Cash Payments Budgets [LO 8-4] Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made for the desert ints 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: Skipped Cash Expenses eBook Month Sales Purchases Paid May $ 93, 000 $ 61, 000 $ 24,000 Hint June 125, 000 93 , 000 26, 500 July 139, 000 114, 000 33, 000 Print August 126, 000 71, 000 30, 100 eferences The majority of Martin's sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 30 percent are collected in the month of sale and 70 percent are collected in the following month. All of Martin's purchases are on account with 60 percent paid in the month of purchase and 40 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