Company is developing a cash receipts budget for the first quarter. First quarter credit sales are $88,000. The accounts receivable balance from the last quarter of the last year is $60,000. 50% is collected in the current quarter, 25% in the next, and 20% two quarters after a sale. At the end of the year, 5% are written off.

Calculate the budgeted cash receipts for the first quarter from credit sales.