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) $ 420,000 $ 620,000 $ 240,000 $ 1,280,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $350,000, and March sales totaled $380,000 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 Chec Complete this question by entering your answers in the tabs below. Required 1 Required 2 DOK May ht Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. Schedule of Expected Cash Collections April June Total February sales $ 420,000 $ 620,000 $ 240,000 $ 1.280,000 March salos 84.000 124,000 0 208,000 April salos 247.000 273,000 520,000 May sales 52,500 57,000 109,500 Juno salos Total camh Collections $ 803,500 $1,074,000 $ 240,000 $ 2.117,500 froncos Budgeted sales (all on account) $ 420,000 $ 620,000 $ 240, eee $ 1,280,000 From past experience, the company has learned that 20% of a month's sales are collected in the month of sale, another 65% are collected in the month following sale, and the remaining 15% are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $350,000, and March sales totaled $380,000 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 recevable balance on June 30th? OK Complete this question by entering your answers in the tabs below. oncos Required 1 Required 2 What is the accounts receivable balance on June 30th? Total accounts receivable at June 30