E$8-18($Algo$)$ Preparing Cash Receipts and Cash Payments Budgets $[$LO $8-4]$

Martin Clothing Company Is a retall company that sells hiking and other outdoor gear specially made for the desert heat. It sells to Individuals as well as local companles that coordinate adventure getaways in the desert for tourists. The following information is availlable for several months of the current year:

$\backslash$table$[[$Month$,,$Sales,,Irchases,,$\backslash$table$[[$Cash$],[$xpenses$],[$Paid$]]],[$May$,$$$,99,000,$$$,69,000,$$$,23,000],[$June$,,123,000,,89,600,,29,000],[$July$,,137,000,,118,060,,32,256],[$August$,,129,000,,75,060,,28,760]]$

The majority of Martin's sales $(65$ percent$)$ are cash, but a few of the excursion companles 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 pald in the month of purchase and $40$ percent pald the following month.

Requlred:

Determine budgeted cash collections for July and August.

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.$)$

$\backslash$table$[[,$July,August$],[$Budgeted Cash Collections,,$]]$