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 Fabruary sales totaled $250,000, and March sales totaled $280,000 Required: 1 Prepare a schedule of expected cash collections from sales, by month and in total, for the second quarter Total February sales 12.500 March sales Silver Company Schedule of Expected Cash Collections April May June 12.500 182.000 14000 129.000 208.000 16.000 - 156 000 338,000 54 000 $ 323 500 $ 378,000 $ 408.000 196.000 April sales 353 000 May sales June sales Total cash collections 494 000 54 000 1,109,500 $ 2 Assume that the company will prepare a budgeted balance sheet as of June 30 Compute the accounts receivable as of that date. Silver Company Accounts receivable at June 30 May sales June sales Total accounts receivable at June 30