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 $32,000 and $48,000, respectively. It also expects credit sales of $58,000 and $68,000, respectively. The company expects to collect 60% of its credit sales in the month of the sale, 35% 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 $34,800 $82,800 $48,000 $66,800