Wells Company reports the following budgeted sales: September $50.000, October $66,000, and November, 74,000. All sales are on credit, and 5% of those credit sales are budgeted as uncollectible Collection of the remaining 95% of credit sales are budgeted as follows: 60% in the first month after sale and 35% in the second month after sale. Prepare a schedule of cash receipts from sales for November Answer is complete but not entirely correct. 74,000 WELLS COMPANY Schedule of Cash Receipts from Sales November Sales $ Cash receipts from Cash sales s Collection of October sales Collection of September sales Total cash receipts $ 0 37,620 16,625 54 245