XYZ is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, collections on credit sales are as follows: 29 of the credit sales are considered as uncollectible, 65% of the collectible credit sales are collected in month of sale: 30% in month following sale and the remaining in second month following sale. The company's budgeted cash and credit sales for January and February are as follows: January February Cash Sales $70,000 $80,000 Credit Sales 380.000 335.000 The accounts receivable balance on January 1 of the current year was $76,000, of which $55.000 represents accounts receivable from December sales and $20,000 represents accounts receivable from November sales. What are total cash receipts in January? None is correct. $329.945 $335.250. $377,860 $331.250