Lincoln Company has budgeted the following amounts for sales in 2011:

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, the amount of cash to be received in May and June is

$91,600 and $81,600, respectively.

$85,600 and $83,400, respectively.

$97,600 and $97,600, respectively.

$79,400 and $91,600, respectively.

Answer rating: 100% (QA)

To calculate the cash to be received in May and June we need to c... View the full answer