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Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially...

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Accounting

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:
The majority of Martin's sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 30
percent are collected in the month of sale and 70 percent are collected in the following month. All of Martin's purchases are on
account with 50 percent paid in the month of purchase and 50 percent paid the following month.
Required:
Determine budgeted cash collections for July and August.
Determine budgeted cash payments for July and August.
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