Previous Page Next Page Page 28 of 40 Question 28 (5 points) Wichita Industries' sales are 10% for cash and 90% on credit. Credit sales are collected as follows: 30% in the month of sale, 50% in the next month, and 20% in the second following month. Wichita Industries' had $12,000 from November sales and $42,000 from December sales. Assume that total sales for January and February are budgeted to be $50,000 and $100,000, respectively. What are the expected cash receipts for February from current and past sales? $80,500 $71,500 $34,500 O $61,500. $59,500 Previous Page Next Page Page 28 of 40