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Please show the work. I've been trying to get the answer but I'm messing up a calculation. Thank you!! Martin Clothing Company is a retail
Please show the work. I've been trying to get the answer but I'm messing up a calculation. Thank you!!
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 Cash Expenses Month May June July August Sales PurchasesPaid $120,000 $ 90,000 $ 24,000 31,500 160,000 150,000 38,250 80,000 34,700 115,000 95,000 145,000 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. July August Budgeted Cash Collections 2. Determine budgeted cash payments for July and August. August Budgeted Cash PaymentsStep by Step Solution
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