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:

April May June Total

Budgeted sales $($all on account$)$ $ $340,000$ $ $540,000$ $ $170,000$ $ $1,050,000$

The company estimates $20\%$ of a month$$s sales are collected in the month of sale, another $75\%$ are collected in the month following sale, and the remaining $5\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$270,000,$ and March sales totaled $$300,000.$

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$?$

Required $2-$

Total accounts receivable at June $30$th $\_\_\_\_\_\_\_\_\_\_?$