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 month following the sale, and 20% in the second month following the sale. On December 31 , the accounts receivabie balance includes $16,000 from November sales and $42,000 from December sales. Assume that total sales for January are budgeted to be $54,000 What are the expected cash receipts for January from the current and past sales? Multiple Choice $19980 $56980 553ipo 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 month following the sale, and 20% in the second month following the sale On December 31 , the accounts recelvable balance fictuctes $16.000 from November sales and $42,000 from December sales. Assume that total sales for January are budgeted to be $54,000 What are the expected cash recelpts for January from the current and past sales? Multiple Choice $19.980 $56.980 553.160