CH 8 Exercises i Saved 9 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: 1 points Skipped $ Month May June July August Cash Expenses Sales Purchases Paid 93,000 $ 61,000 $ 22,000 119,000 93,000 28,500 138,000 113,000 32,500 128,000 77,000 32,900 eBook Hint References The majority of Martin's sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 39 percent are collected in the month of sale and 65 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 Required 2 Determine budgeted cash collections for July and August. (Round your intermediate calculations and final answers to nearest whole dollar.) July August 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 Required Required 2 eBook Complete this question by entering your answers in the tabs below. Hint References Required 1 Required 2 Determine budgeted cash payments for July and August. July August Budgeted Cash Payments