Exercise $8-1($Algo$)$ Schedule of Expected Cash Collections $[$LO$8-2]$

Silver Company makes a product with peak sales in May of each year. Its sales budget for the second quarter is given below:

$\backslash$table$[[$Budgeted sales $($all on account$),$April,May,June,Total$]]$

The company estimates $25\%$ of a month's sales are collected in the month of sale, another $65\%$ are collected in the month follow sale, and the remaining $10\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. Febr sales totaled $$400,000,$ and March sales totaled $$430,000.$

Required:

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

What is the accounts receivable balance on June $30$ th$?$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

$\backslash$table$[[$Schedule of Expected Cash Collections,$],[$February sales,,,,$],[$March sales,,,,Total$]]$