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E8-18 (Algo) Preparing Cash Receipts and Cash Payments Budgets (LO 8-4) Martin Clothing Company is a real 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 Cat Expenses onth Sales Purchases Paid ray $90,000 9,000 24,000 June 124,00 27,000 July 1,00 114,000 35,500 AT 12.00 71.000 34,00 The majority of Martin's sales (65 percentare cash, but a few of the excursion companies purchase on credit of the credit sales: 35 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 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 Juty 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 ca culations and final answer to nero Whole Bells July August Budgeted Cash Collections E8-18 (Algo) Preparing Cash Receipts and Cash Payments Budgets [LO 8-4] 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 une July Caixpenses Purchase Paid $90.00 $69.00 $ 24,000 92,000 27.00 13,00 114, 35;500 120,000 34,380 The majority of Martin's sales (65 percent) are cash but a few of the excursion companies purchase on credit. Of the credit sales. 35 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 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 Complete this question by entering your answers in the tabs below. Required 1 Revied 2 Determine budgeted cash payments for July and August July August Suigeted Cash Payment