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Wichita Industries' sales are 20% cash and 80% on credit. Credit sales are collected as...

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Accounting

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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 following month. On December 31, the accounts receivable balance includes $19,000 from November sales and $51,000 from December sales. Assume that total sales for January are budgeted to be $57,000. What are the expected cash receipts for January from the current and past sales? Multiple Choice $79,740. $91,140 $29,640. $74,040. $74,140

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