The Company has the following information for the current year: Month May June July August Cash Expenses Sales Purchases Paid $ 100,000 $ 62,000 $ 21,000 120,009 93,000 24,000 136,089 111,000 33,500 127,000 73,000 34,300 60 percent of sales are cash. Of the credit sales, 25 percent are collected in the month of sale and 75 percent are collected in the following month. All purchases made by our company 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. 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 The Company has the following information for the current year: Month May June July August Cash Expenses Sales Purchases Paid $ 100,000 $ 62,000 $ 21,000 120,000 93,000 24,000 136,000 111,000 33,500 127,000 73,000 34,300 60 percent of sales are cash. Of the credit sales, 25 percent are collected in the month of sale and 75 percent are collected in the following month. All purchases made by our company are on account with 50 percent paid in the month of purchase and 50 percent paid the following month. Required: 1. Determine budgeted cash collechoons 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 payments for July and August. July August Budgeted Cash Payments