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

Question:

Wells Company reports the following sales forecast: September, $ 55,000; October, $ 66,000; and November, $ 80,000. All sales are on account. Collections of credit sales are received as follows: 20% in the month of sale, 70% in the first month after sale, and 10% in the second month after sale. Prepare a schedule of cash receipts for November.