ControlSilver 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 $($all on account$)$ $ $410,000$ $ $610,000$ $ $210,000$ $ $1,230,000$

From past experience, the company has learned that $25\%$ of a month$$s sales are collected in the month of sale, another $60\%$ are collected in the month following sale, and the remaining $15\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$340,000,$ and March sales totaled $$370,000.$

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 $30$th$?$

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 June Total

February sales

March sales

April sales

May sales

June sales

Total cash collections

$2.$ ControlWhat is the accounts receivable balance on June $30$th$?$

Total accounts receivable at June $30$:$\_\_\_\_\_\_\_\_\_$