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 $34,000 and $50,000, respectively. It also expects credit sales of $60,000 and $70,000. 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 $86,000 $36,000 $50,000 $70,000