B-XYZ Company manufactures and sell wooden product. It wants to prepare cash budget for the second quarter of the year. The company's sales budget for the second quarter given below: April May June Total Budgeted Credit sales $470,000 $670,000 $230,000 $1,370.000 - Credit sales are collected as follows: 25% in the same month of sale 65% in the month following sale 10% in the second month following sale - February sales totaled $400,000, and March sales totaled $430,000. B124/ THE-Final (V11) Page 5 of 6 Summer 2020/2021 Required: 1 Prepare the cash collection schedule for the second quarter. 2. What is the accounts receivable balance on June 30th? (10 marks)