receipts for January from the current and past sales? Multiple Choice $29,440. $77,940. $69,540. $86,540. $92,940

Wichita Industries' sales are 10% cash and 90% on credit. Credit sales are collected as follows: 40% in the month of sale, 50% in the month following the sale, and 10% in the second month following the sale. On December 31, the accounts receivable balance includes $26,000 from November sales and $45,000 from December sales. Assume that total sales for January are budgeted to be $64,000. What are the expected cash receipts for January from the current and past sales? Multiple Choice O $29,440. $77,940. $69,540. $86,540. $92,940.