Question 16 ABC company has budgeted $100,000 of sales for January Answer saved Sales are 20% cash and 80% on credit. Marked out of 2.00 Credit sales are collected 100% in the month following the sale Flag question A/R at Dec 31 = $50,000 What are the cash collections for January? Select one: O $35,000 O $70,000 O none of these O $20,000