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 wy June July August Cash Expense Sales Purchases Paid $ 95,000 $60,000 $ 21.00 119,00 27.500 134,000 116.00 37.750 126.000 32.900 The majority of Martin's sales (75 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 55 percent paid in the month of purchase and 45 percent paid the following month Required: 1. Determine budgeted cash collections for July and August 2. Determine budgeted cash payments for July and August 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 Required 2 Determine budgeted cash collections for July and August. (Round your intermediate calculations and final answers to nearest whole dollar) Budgeted Cash Collections (Required Required 2 > 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: Required 2 Determine budgeted cash payments for July and august. Budgeted Cash Payments th O RE % &