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 $ Sales. Purchases 94,000 $ 65,000 $ 123,000 88,000 140,000 111,000 134,000 79,000 Required 1 Cash Expenses Paid The majority of Martin's sales (75 percent) are cash, but a few of the excursion companies 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 40 percent paid in the month of purchase and 60 percent paid the following month. 22,000 23,500 38,000 30,800 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 2 Determine budgeted cash collections for July and August. (Round your intermediate calculations and final answers to nearest whole dollar.) L

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 companies that coordinate adventure getaways in the desert for tourists. The following information is available for several months of the current year: The majority of Martin's sales ( 75 percent) are cash, but a few of the excursion companies 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 40 percent paid in the month of purchase and 60 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. Determine budgeted cash collections for July and August. (Round your intermediate calculations and final answers to nearest whole dollar:)