Cash Expenses Paid 68,000 $ 23,000 29,000 32,750 31,500 Month May June July August Sales $ 92,000 $ 119,000 132,000 125,000 Purchases 85,000 117,000 73,000 The majority of Martin's sales (70 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 55 percent paid in the month of purchase and 45 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 Required 2 Determine budgeted cash payments for July and August. August July Budgeted Cash Payments Required 2 X Required 1