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135 Wichita Industries' sales are 10% cash and 90% on credit. Credit sales are collected...

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Accounting

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135 Wichita Industries' sales are 10% cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 40% in the next month, and 30% in the following month. On December 31, the accounts receivable balance includes $18,000 from November sales and $49,000 from December sales. Assume that total sales for January are budgeted to be $56,000. What are the expected cash receipts for January from the current and past sales? Skipped Multiple Choice O $58,320. O $61,120. $61,120. 0 $66,720. $20,720. 0 $54,120. $54,120

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