McFarland Company makes 60 percent of its sales in cash. Credit sales are collected as follows: 60 percent in the month of sale and 40 percent in the month following the sale. McFarland's budgeted sales for upcoming months follow: June July $ 22,500 25,000 August September 23,000 21,000 Required: Compute McFarland's expected cash receipts for August Answer is complete but not entirely correct. Budgeted Cash Receipts 38,000 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 $ 120,000 $ Cash Expenses Purchases Paid 90,000 $24,000 115,000 160,000 95,000 31,000 150,000 145,000 80,000 38,250 34,700 The majority of Martin's sales (70 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 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine budgeted cash collections for July and August. Budgeted Cash Collections July 131,200 6 August 147,700