1 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 $320,000 May $520,000 June $180,000 25 points Total $1,020,000 Budgeted sales (all on pccount) 802. From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 65% 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 $250,000, and March sales totaled $280,000 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 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required 2 2. What is the accounts receivable balance on June 30th? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 23 Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter Total - $ February sales March sales April sales May sales June sales Total cash collections Schedule of Expected Cash Collections April May June 12,500 $ OC 0 182,000 14,000 0 96,000 208,000 16,000 156,000 338,000 54,000 $ 290,500 S 378,000 $ 408,000 12,500 196,000 O 320,000 494,000 54,000 $ 1.076,500 1 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? a Answer is complete but not entirely correct. hits 03:06:03 Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30 $ 70,000