A company's history indicates that 30% of its sales are for cash and the rest are on credit. Collections on credit sales are 20% in the month of the sale, 45% in the next month, 25% the following month, and 10% is uncollectible. Projected sales for December, January, and February are $68,000, $93,000 and $103,000, respectively. The February expected cash receipts from current and prior credit sales is:

Multiple Choice

• $45,315

• $55,615

• $65,915

• $19,672

• $88,200