70) The Professional Service Company expects 70% of sales for cash and 30% on credit. The company collects 80% of its credit sales in the month following sale, 15% in the second month following sale, and 5% are not collected (that is, they are "bad debts"). Expected sales for June, July, and August are $56,000,$62,000, and $52,000, respectively. What are the company's expected total cash receipts in August? A) $53,800. B) $72,200. C) $101,200. D) $58,000. E) $17,400