ABC company has budgeted the following sales. January $100,000 February $200,000 Sales (on Income statement) Sales are 80% credit and 20% 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: O $20,000 for January and $40,000 for February O $105,000 for January and $120,000 for February O none of the answers is correct O $20,000 for January and $120,000 for February ABC company has budgeted the following sales. January $100,000 February $200,000 Sales (on Income statement) Sales are 80% credit and 20% 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: O $20,000 for January and $40,000 for February O $105,000 for January and $120,000 for February O none of the answers is correct O $20,000 for January and $120,000 for February ABC company has budgeted the following sales. January Sales (on Income statement) $100,000 February $200,000 Sales are 80% credit and 20% cash Credit sales are collected 50% in the month of sale and 50% in the month following the sale A/R at Dec 31 - $85,000 What were the December credit sales? Select one: O $0 O $170,000 o not enough information is given O $85,000 ABC company has budgeted the following sales. January February $200,000 Sales (on Income statement) $100,000 Sales are 80% credit and 20% cash Credit sales are collected 50% in the month of sale and 50% in the month following the sale A/R at Dec 31 = $85,000 What are the cash collections for January and February ? Select one: o none of the answers is correct $145,000 for January and $160,000 for February $125,000 for January and $120,000 for February O O $60,000 for January and $120,000 for February