Apps CofC Bookstore OAKS CMA?L M McGraw Hill Connect VHL Central (Spanis| YouTub

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Apps CofC Bookstore OAKS CMA?L M McGraw Hill Connect VHL Central (Spanis| YouTube X XFINITY XFINITY Stream VyStar Online Bankin Wells FargoMS AMEX - 10.00 points 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 May S 93,000 62,000 S 22,000 June July August 123,000 137,000 135,000 94.000 118,000 77.000 25.500 33 250 35,000 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. (Round your intermediate calculations and final answers to nearest whole dollar.) uly August Budgeted Cash Collections 2. Determine budgeted cash payments for July and August. July August Budgeted Cash Payments O Type here to search 8:31 PM 4/4/2018

Explanation / Answer

EXPECTED CASH COLLECTIONS JULY AUG TOTAL June month sales 25,830 25830 July month Cash sales 89,050 89050 July month credit sales 19180 28770 47950 Aug month cash sales 87,750 87,750 Aug month credit sales 18900 18900 Total Cash Collections 134,060 135,420 269,480 EXPECTED CASH PAYMENTS JULY AUG TOTAL June Month Purchases 42,300 42300 July month purchase 64900 53100 118000 Aug month purchase 42350 42350 Total Cash disbursement 107,200 95,450 202,650

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