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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

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 $33,500 and $49,500, respectively. It also expects credit sales of $59,500 and $69,500, respectively. The company expects to collect 45% of its credit sales in the month of the sale, 50% in the following month, and 5% is deemed uncollectible. What amount of cash collections would appear in the companys cash budget for the first month?

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