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: Cash Expenses Paid 65,000 $ 22, 000 26, 500 33,500 32, 200 Month Sales 93,000 $ 119,000 132,000 132,000 Purchases May June July August 92,000 117,000 71,000 The majority of Martin's sales (75 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: 1. Determine budgeted cash collections for July and August 2. Determine budgeted cash payments for July and August.

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: Cash Expenses Paid 65,000 $ 22, 000 26, 500 33,500 32, 200 Month Sales 93,000 $ 119,000 132,000 132,000 Purchases May June July August 92,000 117,000 71,000 The majority of Martin's sales (75 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: 1. Determine budgeted cash collections for July and August 2. Determine budgeted cash payments for July and August.

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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