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Assume a company is preparing a budget for its first two months of operations. During...

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Accounting

Assume a company is preparing a budget for its first two months of operations. During the first and second months it expects cash sales of $24,500 and $41,000, respectively. It also expects
credit sales of $51,000 and $61,000, respectively. The company expects to collect 35% of its credit sales in the month of the sale, 60% in the following month, and 5% is deemed
uncollectible. What amount of cash collections would appear In the company's cash budget for the first month?
Multiple Choice
$42,350
$17,850
$58,850
$41,000
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