cam(Ch.10,12,13,16817,2 hr, password ready2take (i) 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. From past experience, the company has learned that 20% of a month's sales are colected in the month of sale, another 65% are collected in the month following sale. and the remaining 15% are collected in the second month following sale. Bad debts are negilgible and san be ignored. February sales totaled $350.000. and March sales totaled $380,000 Required: 1. Prepare a schedule of expected cash collections from sales, by month and in tota. for 1. Prepare a schedule of expected cash collections from sales, by month and in total, for thesecond cuarter. 2 Assume that the company wili prepare o budgeted balance sheet as of June 30 . Compute the accounts recelvable as of that date