Month May June July August Expenses Sales Purchases Paid $ 100,000 $ 68,000 $ 20,000 120,000 93,000 27,500 138,000 116,880 33,500 133,000 79,000 34,300 The majority of Martin's sales (75 percent) are cash, but a few of the excursion companies purchase on credit of the credit sales, 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 60 percent paid in the month of purchase and 40 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. Required 1 Required 2 Determine budgeted cash collections for July and August. (Round your intermediate calculations and final answers to nearest whole dollar) July August Budgeted Cash Collections Required 2 > July August *EU 138,000 133,000 wy 116,000 79,000 33,500 34,300 The majority of Martin's sales (75 percent) are cash, but a few of the excursion compani percent are collected in the month of sale and 65 percent are collected in the following account with 60 percent paid in the month of purchase and 40 percent paid the followin Required: 1. Determine budgeted cash collections for July and August. 2. Determine budgeted cash payments for July and August ences Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine budgeted cash payments for July and August. July August Budgeted Cash Payments