2 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 shov the company's sales budget for the second quarter given below. 12.5 points Budgeted sales (all on account) April $ 470, 800 May $ 670,000 June $ 230,000 Total $ 1,370,000 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 $400,000, and March sales totaled $430,000. 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. . 2 W ANSWER INHO COME Complete this question by entering your answers in the tabs below. 5 Request Rate 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter a Schedule of Expected Cash Collection Apra May June Total Fabruary sales $ 230,000 $ DS os 230 000 March sales 210.000 210.000 Apni seles U Mayes n June D Totalcash collections 148.000 $ $ 4:46.000 Required 2 >