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Luol company has budgeted the following amounts for sales

Question - Luol Company has budgeted the following amounts for sales in 2008:

Month Sales

April $98,000

May 67,000

June 108,000

July 82,000

An analysis of past patterns of receipts shows that 60% of the sales dollars are received in the month of the sale and 40% are received in the following month. Assuming this pattern continues, compute the amount of cash to be received in May and June?

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Accounting Basics: Luol company has budgeted the following amounts for sales

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