Chapter 7 10.00 points Exercise 7-1 Schedule of Expected Cash Collections lL07-21 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 Total $1,000,000 April June Budgeted sales (all on account) $300,000 $500,000 $200,000 From past experience, the company has learned that 20% of a months sales are collected in the month of sale, another 70% are collected in the month folowing sale, and the remainin second month following sale. Bad debts are negligible and can be ignored February sales totaled $230,000, and March sales totaled $260,000 g 10% are collected in the Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter Silver Company Schedule of Expected Cash Collections April Ma Total February sales March sales April sales May sales June sales Total cash collections O Type here to search