1 Exercise 8-1 (Algo) Schedule of Expected Cash Collections (LO8-2) 444 points Skipped May $ 550,000 Silver Company makes a product that is very popular as a Mother's Day gift Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below. April June Total Budgeted sale: (all on account) 5 350,000 $ 190,000 $1,000,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 70% are. collected in the month following sale, and the remaining 5% are collected in the second month following sale Bad debts are negligible and can be ignored. February sales totaled $280,000, and March sales totaled $310.000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total for the second quartet 2. What is the accounts receivable balance on June 301? Book Hint Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April June May Total $ 0 0 0 February sales March sales April sales May sales June sales Total cash collections 0 0 0 05 S 05 0$ Required 2 > Savad 1 Exercise 8-1 (Algo) Schedule of Expected Cash Collections (LO8-2) 4.44 an Skipped May June $ 1,000,000 Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below: April Total Budgeted sales (all on account) $ 350,000 $ 550,000 $190,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 5% are collected in the second month following sale Bad debts are negligible and can be ignored. February sales totaled $280.000, and March sales totaled $310.000, Required: 1 Prepare a schedule of expected cash collections from sales, by month and in total for the second quarter 2. What is the accounts receivable balance on June 30th? eBook Hint Print Complete this question by entering your answers in the tabs below. References Required 1 Required 2 What is the accounts receivable balance on June 30th Total accounts receivable at June 10 (Required 1