McFarland Company makes 70 percent of its sales in cash. Credit sales are collected as follows: 70 percent in the month of sale and 30 percent in the month following the sale. McFarland's budgeted sales for upcoming months follow: June July August September $ 22,700 27,000 25,000 23,000 Required: Compute McFarland's expected cash receipts for August. Budgeted Cash Receipts 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 94,000 $ 68,000 $ 24,000 120,000 89,000 27,500 131,000 119,000 32,750 134,000 71,000 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, 45 percent are collected in the month of sale and 55 percent are collected in the following month. All of Martin's purchases are on account with 50 percent paid in the month 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