Exerclse $8-1$ Schedule of Expected Cash Collections $[$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:

From past experience, the company has learned that $30\%$ of a month's sales are collected in the month of sale, another $65\%$ are collected in the month following sale, and the remaining $5\%$ are collected in the second month following sale. Bad debts are negligible and can be ignored. February sales totaled $$250,000,$ and March sales totaled $$280,000.$

Required:

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 $30$th$?$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

What is the accounts receivable balance on June $30$ th$?$

$\backslash$table$[[$Total accounts receivable at June $30,7\mathrm{.}14]]$