Wichita Industries' sales are 10% 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 following month. On December 31, the accounts receivable balance includes $12,000 from November sales and $42,000 from December sales. Assume that total sales for January are budgeted to be S50,000. What are the expected cash receipts for January from the current and past sales? $60,500. $55,500 $51,900. $51,500. $18,500