EXERCISE 9-1 Schedule of Expected Cash Collections [ [] LO2] 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: 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. Bad debts are negligible and can be ignored. February sales totalled $230,000, and March sales totalled $260,000. Required: a. Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter. b. Assume that the company will prepare a budgeted balance sheet as of June 30 . Compute the accounts receivable as of that date