ABC company has budgeted $100,000 of sales for January. Sales are 80% cash and 20% on credit. Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What were the December credit sales? Select one: $15,000 $0 none of the answers is correct $100,000 ABC company has budgeted the following sales. January February Sales ( on Income statement) $100,000 $200,000 Sales are 70% credit and 30% cash Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $85,000 What are the cash collections for January and February ? Select one: $70,000 for January and $60,000 for February $115,000 for January and $130,000 for February O none of these $20,000 for January and $120,000 for February