100 points Siver 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. AP May June Budgeted sales (non scount) $50.000 $546.000 17000 $100.000 From pest experience, the company has leamed that 20% of a month's sales are collected in the month of sale, another 75% are collected in the month following sale, and the remaining 5% are colected in the second month folowng sale. Bad debts are regible and can be ignored. February sales totaled $270.000, and Marches totaled $300,000 Required: 1. Prepare a schedule of expected the collections from sales, by mouth and in total, for the second quarter Schedule of Expected Cash Collections May June Total $ 0 February sales Marches April sales May sales une sales Total cash collections $ 0 $ 05 0$ 0 2. Assume that the company wil prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date. May sales June sais Total accounts receivable at June 30$ MacBook Air