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 $ $ Sales 99,000 123,000 133,000 133,000 Purchases $ 61,000 94,000 118,000 78,000 Cash Expenses Paid 20,000 26.500 38.00 34, 300 July August The majority of Martin's sales (65 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 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.