O' Nell Co. has $306, 900 in accounts receivable on January 1. Budgeted sales for January are $872, 097. O'Neill expects to sell 20% of its merchandise for cash. Of the remaining 80% of sales on account, 75% are expected to be collected in the month of sale and the remainder the following month. What are the January cash collections from sales? Select the correct answer. $803, 662 $1, 311, 478 $872, 097 $1,004, 578