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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 Sales $ 90,000 119,000 132,000 135,000 Purchases $ 66,000 95,000 118,000 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, 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. 2. Determine budgeted cash payments for July and August. Required 1 Required 2 Cash Expenses Paid $ 22,000 28,000 34,750 32,900 Complete this question by entering your answers in the tabs below. Budgeted Cash Collections Determine budgeted cash collections for July and August. Note: Round your intermediate calculations and final answers to nearest whole dollar. 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 $ 90,000 119,000 132,000 135,000 Purchases $ 66,000 95,000 118,000 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, 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. 2. Determine budgeted cash payments for July and August. Required 1 Required 2 Cash Expenses Paid $ 22,000 28,000 34,750 32,900 Complete this question by entering your answers in the tabs below. Budgeted Cash Collections Determine budgeted cash collections for July and August. Note: Round your intermediate calculations and final answers to nearest whole dollar. August July

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Sales $ 90,000 119,000 132,000 135,000 Purchases $ 66,000 95,000 118,000 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, 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. 2. Determine budgeted cash payments for July and August. Required 1 Required 2 Cash Expenses Paid $ 22,000 28,000 34,750 32,900 Complete this question by entering your answers in the tabs below. Budgeted Cash Collections 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 >
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 Sales $ 90,000 119,000 132,000 135,000 Purchases $ 66,000 95,000 118,000 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, 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. 2. Determine budgeted cash payments for July and August. Required 1 Required 2 Cash Expenses Paid $ 22,000 28,000 34,750 32,900 Complete this question by entering your answers in the tabs below. Budgeted Cash Collections 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 >
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 $ 90,000 119,000 132,000 135,000 Purchases $ 66,000 95,000 118,000 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, 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. 2. Determine budgeted cash payments for July and August. Required 1 Required 2 Cash Expenses Paid $ 22,000 28,000 34,750 32,900 Complete this question by entering your answers in the tabs below. Budgeted Cash Payments Determine budgeted cash payments for July and August. July August Required 1 Required 2
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 Sales $ 90,000 119,000 132,000 135,000 Purchases $ 66,000 95,000 118,000 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, 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. 2. Determine budgeted cash payments for July and August. Required 1 Required 2 Cash Expenses Paid $ 22,000 28,000 34,750 32,900 Complete this question by entering your answers in the tabs below. Budgeted Cash Payments Determine budgeted cash payments for July and August. July August Required 1 Required 2
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