Boone Co.'s sales, based on past experience, are 30% cash and 70% credit. Credit sales are typically collected as follows: 40% in the month of sale, 50% in the month after the sale, and 10% in the second month following month of sale. On December 31, the accounts receivable balance is $55,500, of which $15,000 is from November sales. Total sales for January and February are budgeted to be $101,000 and $121,000, respectively.

What are Boone Co.'s budgeted cash receipts for January?

Multiple Choice

$101,850.

$71,550.

$87,280.

$107,330.

$84,250.