Exercise 8-1 Schedule of Expected Cash Collections (L08-2] 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 E the company's sales budget for the second quarter given below: Budgeted sales (all on account) April $480,000 May $680,000 June $260,000 Total $1,420,000 E From past experience, the company has learned that 30% of a month's sales are collected in the month of sale, another 60% are E 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 $410,000, and March sales totaled $440,000. E Required: E 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. E 2. What is the accounts receivable balance on June 30th