Wichita Industries' sales are 20% cash and 80% on credit. Credit sales are collected as follows: 40% in the month of sale, 50% in the next month, and 10% in the second following month. On December 31, the accounts receivable balance includes $13,000 from November sales and $42,000 from December sales. Assume that total sales for January are budgeted to be $51,000. What are the expected cash receipts for January from the current and past sales? a. 26,520b. 60,520c. 62,820d. 64,320e. 74,520
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