Check my work 26 Silver Company makes a product that is very popular as a Mother's Day gin. Thus, peak sales occur in May of each year as shown the company's sales budget for the second quarter given below. April Sune Total Budgeted sales (all on account) $300,000 $500,000 $200,000 $1,000,000 3 P From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another are collected in the month following sale, and the remaining 10are collected in the second month following see 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 Schedule of Expected Cash Collections April May Total 5 0 0 February sales March Aprilis May sa June Sales 0 0001426 Mc Graw 2. Assume that the company will prepare a budgeted balance sheet as of June 30 Compute the accounts receivable as of the cat May sales June sales Total accounts receivable at June 305 0