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 95,000 $ 68,000 $ 24,000 116,000 88,000 29,000 130,000 110,000 34,500 128,000 74,000 29,400 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 moth 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