3: Gift For You 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 (refer to table below) the company's sales budget for the second quarter. From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% 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 RM230,000, and March sales totaled RM260,000. April RM300,000 May RM500,000 June RM200,000 1) Calculate the expected cash collections from sales in April. 2) Calculate the expected cash collections from sales in May. 3) Calculate the expected cash collections from sales in June 4) Calculate the total expected cash collection for the second quarter. 5) Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date