Wells Company reports the following budgeted sales: September, $55,000; October, $66,000; and November, $80,000. 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.

WELLS COMPANY Schedule of Cash Receipts from Sales November Sales $ 80,000 Cash receipts from: Collection of September sales $ 12,250 Collection of October sales 39,600 Total cash receipts $ $ 51,850