Exercise 8-1 (Algo) Schedule of Expected Cash Collections (LO8-2] May 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. April June Total Budgeted sales (all on account) $ 360,000 $ 560,000 $ 220,000 $ 1,140,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% 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 $290,000, and March sales totaled $320,000. 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? Complete this question by entering your answers in the tabs below. Required: 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 Juno Total February sales 108,000 $ 216,000 $ 36,000 $ 360,000 March sales 29,000 29,000 April sales 192.000 96,000 288,000 May sales 168,000 336.000 504,000 June sales 66,000 66,000 Total cash collections $ 329,000 $ 480,000 $ 438,000 $ 1.247.000 Required Required 2 > Exercise 8-1 (Algo) Schedule of Expected Cash Collections (LO8-2] 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: April May June Total Budgeted sales (all on account) $360,000 $ 560,000 $ 220,000 $ 1,140,000 From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% 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 $290,000, and March sales totaled $320,000. 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? 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