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 $30,000 and $40,000, respectively. It also expects credit sales of $50,000 and $60,000, respectively. The company expects to collect 40% of its credit sales in the month of the sale, 55% 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 $50,000 $20,000 $60,000 $40,000