7. Gold Company makes a product that is very popular as a Mother's Day gift. Thus, peak sales occy year, as shown in the company's sales budget for the second quarter given below: peak sales occur in May of each Budgeted sales (all on account) April 300.000 300,000 $ Total 1,000,000 May 500.00 500,000 June 200,000 $ $ $ From past experience, the company has learned that 30% of a month's sales are collected in the month the remaining 70% are collected in the month following the sale. Bad debts are negligible and can be 18 ignored. March sales totaled $260,000. Your task: compete the following schedule of cash collections from sales, by month and in total, for the second quarter. Also, assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable balance as of that date. Gold Company Schedule of Expected Cash Collections For the Quarter Ended June 30, 2020 April May June Tot Beginning Accounts Receivable Total cash collections Accounts receivable balance at June 30