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 $ 98,000 $ 66,000 5 20,000 115,000 94,000 28,000 133,000 110,000 36,250 133,000 73,000 31.500 The majority of Martin's sales (65 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 45 percent paid in the month of purchase and 55 percent paid the following morth Required: 1. Determine budgeted cash collections for July and August 2. Determine budgeted cash payments for July and August