Chapter 8 Homework Saved Help Save 1 1 Silver Company makes a product that is very popular as a Mother's Day gif. Thus, peak sales occur in May of each year, as shown in the company's sales budget for the second quarter given below. April Badgeted soles (all on account) Hay 5680,000 June $260,000 Total $1,420,000 25 points Sipood From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% 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 $410,000, and March sales totaled $440,000 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 receivable balance on June 30th? ook Complete this question by entering your answers in the tabs below. Required Recuired 2 Wepare a schedule of expected cash collections from sales, by month and total for the second quarter Schedule of Expectinas Collections April une Total February 5 March Aprisen May June 0 Touch os 0 0 Suved Help apter 8 Homework 1 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: April 3480,000 Budgeted lex (all on account) Kay $680,000 Tune $260,000 Total $1,420,000 5 oints Skipped From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% 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 $410,000, and March sales totaled $440,000. 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 receivable balance on June 30th? Book Print Berences Complete this question by entering your answers in the tabs below. Required: Required 2 What is the accounts receivable balance on June 30th? Total controle et une