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 93,000 $ 70,000 $ 23,000 120,000 92,000 26,000 134,000 115,000 37,000 135,000 78,000 29,400 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 50 percent paid 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. 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine budgeted cash payments for July and August. July August Budgeted Cash Payments