$1$

Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below:

$\backslash$table$[[$Budgeted sales $($all on account$),$April,May,June,Total$],[440,000,$$$640,000,$$$220,000,$$$1,300,000,]]$

The company estimates $30\%$ of a month's sales are collected in the month of sale, another $60\%$ 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 $$370,000,$ and March sales totaled $$400,000.$

Required:

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

What is the accounts receivable balance on June $30$th$?$

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Required $1$

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

$\backslash$table$[[$Schedule of Expected Cash Collections$],[,$April,May,,June,,,$],[$February sales,,,,,,$$,0],[$March sales,,,,,,,$0],[$April sales,,,,,,,$0],[$May sales,,,,,,,$0],[$June sales,,,,,,,$0],[$Total cash collections,$$,$$$,0,$$$,0,$$$,0]]$