Boone Co.'s sales are 20% for cash and 80% on credit.Credit sales are collected as follows: 40% in the month of sale,50% in the month after the sale,and 10% in the second month.On December 31,the accounts receivable balance is $54,000,of which $12,000 is from November sales.Total sales for January and February are budgeted to be $100,000 and $120,000,respectively.
What are the budgeted cash receipts for January?

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The Answer of Boone Co.'s sales are 20% for cash and 80% on credit.Credit sales are collected as follows: 40% in the month of sale,50% in the month after the sale,and 10% in the second month.On December 31,the accounts receivable balance is $54,000,of which $12,000 is from November sales.Total sales for January and February are budgeted to be $100,000 and $120,000,respectively.
What are the budgeted cash receipts for January?

Boone Co'S Sales Are 20% for Cash and 80% on Credit