Chapter 8: Budgeted Cash Collections Eli's Restaurant is preparing its cash budget for the upcoming year. Budgeted sales revenue for the first three months of the year are below. Sales are all on credit with 65% collected in the month of sale and 35% collected in the month following. Actual sales in December were $54,000. January $62,000 February $70,000 March $76,000 What are budgeted cash collections for January and February?