Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially...
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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 Paid Month May June July August Sales Purchases $ 99,000 $ 64,000 $ 21,000 24,000 35,750 29,400 117,000 138,000 134,000 91,000 116,000 79,000 The majority of Martin's sales (75 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. (Round your intermediate calculations and final answers to nearest whole dollar.) July August Budgeted Cash Collections 2. Determine budgeted cash payments for July and August. July August Budgeted Cash Payments
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