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

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:

$\backslash$table$[[\backslash$table$[[$Budgeted sales $($all$],[$on account$)]]]]$

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.

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.

$\backslash$table$[[$Required$,$Required$],[1,2]]$

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,$],[$April$,$May,June,Total,$],[$February sales,,,,$],[$March sales,,,,$],[$April sales,,,,$],[$May sales,,,,$],[$June sales,,,,$],[\backslash$table$[[$Total cash$],[$collections$]],,,,]]$

Required $1$