Confused with "required 1" determine the budgeted cash collections for july and august please help.

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 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 $ 64,000 $ 21,000 123,000 89,000 25,000 132,000 114,000 35,250 128,000 77,000 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, 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 50 percent pald in the month of purchase and 50 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 142,050 $ August 142,200 Budgeted Cash Collections S Saved Help $ Month May June July August Sales Purchases Paid 95,000 $ 64,000 $ 21,000 123,000 89,000 25,000 132,000 114,000 35,250 128,000 77,000 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, 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 50 percent pald in the month of purchase and 50 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.) Budgeted Cash Collections July 142,050 $ August 142 200 $ Required Required 2 >