education.convexindex.htnut cocongtexternal browserslaunchurishttps%253AW.252F%2521 blackboard.middels.eu wa B12 Chapter Eight Exercises Saved He 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 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? ces Complete this question by entering your answers in the tabs below. Requrudt Required 2 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 For sale 5 0 Marches 0 April Sales 0 May sa 0 Prey 1 of 6 8 Next > here to search O O C 65F Cloudy seco Hint I ve iynorea. February sales totaled $230,000, and March sales total Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, fo 2. What is the accounts receivable balance on June 30th? Print References Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30 Mc Graw Hill