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Category > Accounting Posted 11 Jul 2017 My Price 5.00

10. value:

10. value: 1.00 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 Month Sales Purchases Paid
May $ 98,000 $ 68,000 $ 19,000
June 120,000 88,000 27,000
July 135,000 117,000 36,250
August 132,000 74,000 35,000 I— The majority of Martin’s sales (70 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. Required:
1. Determine budgeted cash collections for July and August. (Round your intermediate calculations
and final answers to nearest whole dollar.) Budgeted Cash Collections __ 2. Determine budgeted cash payments for July and August.

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SuperTutor
(15)
Status NEW Posted 11 Jul 2017 05:07 AM My Price 5.00

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file 1499751699-Solutions file.docx preview (51 words )
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