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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: $ Month May June July August Cash Expenses Sales Purchases Paid 98,000 $ 65,000 $ 20,000 122,000 85,000 25,500 134,000 117,000 38,250 132,000 74,000 33,600 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 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

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