ces 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 Sales $ 94,000 119,000 137,000 133,000 Purchases $ 62,000 91,000 114,000 74,000 Budgeted Cash Collections Cash Expenses Paid $ 20,000 The majority of Martin's sales (60 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 40 percent paid in the month of purchase and 60 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. 24,500 36,250 32,900 Required 1 Required 2 Determine budgeted cash collections for July and August. Note: Round your intermediate calculations and final answers to nearest whole dollar. August July < Required 1 Required 2 >
ces 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 Sales $ 94,000 119,000 137,000 133,000 Purchases $ 62,000 91,000 114,000 74,000 Budgeted Cash Collections Cash Expenses Paid $ 20,000 The majority of Martin's sales (60 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 40 percent paid in the month of purchase and 60 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. 24,500 36,250 32,900 Required 1 Required 2 Determine budgeted cash collections for July and August. Note: Round your intermediate calculations and final answers to nearest whole dollar. August July < Required 1 Required 2 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A 113.
Transcribed Image Text:ces
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
Sales
$ 94,000
119,000
137,000
133,000
Purchases
$ 62,000
91,000
114,000
74,000
Cash Expenses
Paid
$ 20,000
Budgeted Cash Collections
The majority of Martin's sales (60 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 40 percent paid in the month of purchase and 60 percent pald 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.
24,500
36,250
32,900
Required 1
Required 2
Determine budgeted cash collections for July and August.
Note: Round your intermediate calculations and final answers to nearest whole dollar.
August
July
< Required 1
Required 2 >
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