2 2 points Itranscript 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: Budgeted sales (all on account) April $ 350,000 May $ 550,000 June $ 190,000 Total $ 1,090,000 eBook + Hint From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 70% 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 $280,000, and March sales totaled $310,000. 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? Print 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. Schedule of Expected Cash Collections April May June Total February sales $ 0 March sales 0 April sales 0 May sales 0 June sales 0 Total cash collections $ 0 $ 0 $ 0 $ 0 < Required 1 Required 2 > 2 2 points Itranscript 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: eBook + Hint Print Budgeted sales (all on account) April $ 350,000 May $ 550,000 June $ 190,000 Total $ 1,090,000 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 70% 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 $280,000, and March sales totaled $310,000. 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? 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 < Required 1 Required 2 > 4 1 points Itranscript Down Under Products, Limited of Australia has budgeted sales of its popular boomerang for the next four months as follows: April Unit Sales 70,000 May June 85,000 110,000 July 90,000 eBook + Hint The company is now in the process of preparing a production budget for the second quarter. Past experience has shown that end-of- month inventory levels must equal 15% of the following month's unit sales. The inventory at the end of March was 10,500 units. Required: Prepare a production budget by month and in total, for the second quarter. Print Budgeted unit sales Total needs Required production in units Down Under Products, Limited Production Budget April May June Quarter 0 0 0 0 0 0 0 0