33.33 points 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: Required 1 April $300,000 Budgeted sales (all on account) 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 $230,000, and March sales totaled $260,000. Required 2 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. Total accounts receivable at June 30 May $500,000 Answer is complete but not entirely correct. What is the accounts receivable balance on June 30th? $ 190,000

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 the compariy's sales budget fot the second quarter given below: 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 negitgible and can be ignoted. February sales totaled $230,000 and March sales totaled $260,000. 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 recelvable bakince on June 30th? Answer is complete but not entirely correc. Complete this question by entering your answers in the tabs below. What is the accounts receivable balance on June soth