Check my work 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: Budgeted sales (all on account) April $300,000 May $500,000 June $200,000 Total $1,000,000 10 points Skipped From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% 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 $230,000, and March sales totaled $260,000. 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? eBook Hint Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. References Schedule of Expected Cash Collections April May June Total $ 0 0 0 February sales March sales April sales May sales June sales Total cash collections 0 0 $ 0 $ 0 $ 0 $ 0 Mc Check my work 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 $300,000 May $500,000 June $200,000 Budgeted sales (all on account) Total $1,000,000 10 points Skipped From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 70% 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 $230,000, and March sales totaled $260,000. eBook 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? Hint Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 References What is the accounts receivable balance on June 30th? Total accounts receivable at June 30 Check my work 2 Down Under Products, Ltd., of Australia has budgeted sales of its popular boomerang for the next four months as follows: 10 points April May June July Unit Sales 50,000 75,000 90,000 80,000 Skipped The company is now in the process of preparing a production budget for the second quarter. Past experience has shown that end-of- month inventory levels must equal 10% of the following month's unit sales. The inventory at the end of March was 5,000 units. eBook Required: Prepare a production budget by month and in total, for the second quarter. Hint Down Under Products, Ltd., Production Budget April May June Print Quarter Budgeted unit sales References Total needs 0 0 0 0 Required production in units 0 0 0 0 Mc Prev 2 of 2 Next