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: 3 points April $370,000 May $570,000 June $180,000 Total $1,120,000 Budgeted sales (all on account) From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 10% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $300,000, and March sales totaled $330,000. 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? 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? X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. February sales March sales Schedule of Expected Cash Collections April May June Total $ 75,000 X $ 195,000 X $ 30,000 X $ 300,000 82,500 X 214,500 X 33,000 X 330,000 92,500 240,500 37,000 370,000 142,500 X 370,500 X 57,000 X 570,000 45,000 117,000 x 18,000 X 180,000 $ 437,500 $ 1,137,500 $ 175,000 $ 1,750,000 April sales May sales June sales Total cash collections