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: Cash $ Month May June July August Expenses Sales Purchases Paid 98,000 $ 65,000 $ 24,000 117,000 89,000 28,500 134,000 115,000 32,750 131,000 8,000 30,800 Puly The majority of Martin's sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales. 35 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 60 percent paid in the month of purchase and 40 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)