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Wells Company reports the following budgeted sales: September, $ 5 0 , 0 0 0 ; October, $ 6 2 , 0 0 0 ;

Wells Company reports the following budgeted sales: September, $50,000; October, $62,000; and November, $78,000. 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.

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