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: 12.5 points Budgeted sales (all on account) April $ 380,000 May $ 580,000 June $ 200,000 Total $ 1,160,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 20% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $310,000, and March sales totaled $340,000. eBook 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? Hint Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 References Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April May June $ 23,000 $ February sales March sales April sales May sales June sales 182,000 60,000 26,000 210,000 100,000 Total 23,000 208,000 300,000 450,000 40,000 30,000 350,000 40,000 420,000 $ Total cash collections $ 265,000 $ 336,000 $ 1,021,000