Check my wo 1 Exercise 8-1 (Algo) Schedule of Expected Cash Collections (L08-2) 25 points 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 May June Total Budgeted sales (211 on account) $330, ee $530, Bee 5210,000 $1,070, een From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sale, and the remaining 15% are collected in the second month following sale Bad debts are negligible and can be ignored February sales totaled $200,000, and March sales totaled $290,000 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? Complete this question by entering your answers in the tabs below. Required: Required 2 1 Complete this question by entering your answers in the tabs below. 25 points Required: Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. ebook Schedule of Expected Cash Collections April May June Total Print References February sales March sales April sales May sales June sales Total cash collections Rond Required 2 > opter 8 Exercises/Problems Assignment Saved Help Save & Exit Check my wor Dungeon 30,000 1 230,00 410,000 3,010,000 5 From past experience, the company has learned that 25% of a month's sales are collected in the month of sale, another 60% are collected in the month following sole, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $260,000, and March sales totaled $290,000 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? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts receivable balance on June 30th? Touail accounts recolvabiyot Juno 30