Exerclse $8-1($Algo$)$ Schedule of Expected Cash Collectlons $[$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$[[$Budgeted sales $($all on account$),$April,May,June,Total$]]$

From past experience, the company has learned that $20\%$ of a month's sales are collected in the month of sale, another $60\%$ are collected in the month following sale, and the remaining $20\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$430,000,$ and March sales totaled $$460,000.$

Requlred:

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.

Required $1$

Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter.

$\backslash$table$[[\backslash$table$[[$Schedule of Expected Cash Collections$],[$April$]]],[,$April,May,June,,$],[$February sales,$5,=,,s,0],[$March sales,E$,=,7,,0],[$April sales,$5,7,,,0],[$May sales,$5,5,=,,0],[$June sales,$5,7,,,0],[$Total cash collections,$5,3,s,s,0]]$No