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 Purchases $ 93,000 $ 70,000 92,000 115,000 140,000 133,000 111,000 76,000 Cash Expenses Paid $23,000 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. Budgeted Cash Payments 29,000 36,000 30,100 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 Required 2 Determine budgeted cash payments for July and August. August July
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 Purchases $ 93,000 $ 70,000 92,000 115,000 140,000 133,000 111,000 76,000 Cash Expenses Paid $23,000 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. Budgeted Cash Payments 29,000 36,000 30,100 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 Required 2 Determine budgeted cash payments for July and August. August July
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
Purchases
$ 93,000 $ 70,000 $
115,000
140,000
133,000
Cash
Expenses
Paid
92,000
111,000
76,000
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.
23,000
29,000
36,000
30,100
Required:
1. Determine budgeted cash collections for July and August.
2. Determine budgeted cash payments for July and August.
Budgeted Cash Payments
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Determine budgeted cash payments for July and August.
August
July
Transcribed Image Text:---
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
Salen
Purchases
$ 93,000 $ 70,000 $
92,000
111,000
76,000
115,000
140,000
133,000
Cash
Expenses
Paid
23,000
29,000
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.
Budgeted Cash Collections
36,000
30,100
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 Required 2
Determine budgeted cash collections for July and August. (Round your intermediate calculations and final answers to nearest
whole dollar.)
July
August
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